Jul 28, 2005. /Lesprom Network/. Abitibi Consolidated Inc. reported a second quarter loss of $43 million, or 9 cents a share. This compares to a loss of $79 million, or 18 cents a share, recorded in the second quarter of 2004. Included in the quarter's results were the following after-tax specific items: a loss of $47 million on the translation of foreign currencies, namely the company's US dollar-denominated debt; a $3 million financial expense for premiums paid on early debt retirement; and a $1 million expense for the labour force reduction. These specific items were partially offset by a positive income tax adjustment of $34 million related to prior year audits. Although not a GAAP measure, the loss would have been $26 million, or 6 cents per share, before the impact of the above-noted items in the second quarter. This compares to a loss of $22 million, or 5 cents a share, in the second quarter of 2004. The company posted a total operating profit of $69 million during the second quarter of 2005, with each of its three business segments making positive contributions. This compares with an operating profit of $51 million in the same quarter of 2004. The major difference year-over-year was improved paper pricing, offset by a stronger Canadian dollar, higher manufacturing and distribution costs. "The strategic review begun at the end of last year is now complete," said John Weaver, President and CEO. "We are moving rapidly to implement these decisions. Concrete actions are being taken as we cannot let our timetable be extended or our plans sidetracked." Abitibi-Consolidated is a global leader in newsprint and commercial printing papers as well as a major producer of wood products, serving 70 countries from more than 50 operating facilities on three continents. Committed to the sustainable forest management of more than 40 million acres through third-party certification, the company is also the world's largest recycler of newspapers and magazines, collecting and consuming the equivalent of more than five billion newspapers every year.