May 06, 2010. /Lesprom Network/. TimberWest Forest Corp. said it lost $24.7 million in its most recent quarter, weighed down by a $16.7-million charge related to financial instruments, as The Canadian Press reported. The forestry company said the loss amounted to 32 cents per diluted share for the quarter ended March 31 compared with a loss of $7.7 million or 10 cents per diluted share a year ago. Sales totalled $58.7 million, up from $30.4 million. In its outlook, the company said continued strength in its Asian log markets will help, but a return to meaningful profitability relies on a recovery in U.S. housing starts. "Forecasts are predicting a steady although gradual improvement in US housing starts over the next two to three years before we reach sustainable levels," President and CEO Paul McElligott said in a statement. "As a result, we are continuing our deferred harvest strategy and expect to harvest less than our long term economic harvest level until the US market recovers further." TimberWest Forest Corp. is uniquely positioned as western Canada's largest private timber and land management company. The company owns in fee simple approximately 320,000 hectares or 791,000 acres of private land and is in the business of selling timber products and real estate.