Aug 15, 2011. /Lesprom Network/. AbitibiBowater Inc. reported net income for 2Q 2011 of $61 million on sales of $1.2 billion. These results compare with a net loss of $297 million on sales of $1.2 billion for the 2Q 2010, as the company said in a press release received by Lesprom Network. The net income for the 2Q, before certain special items, was $69 million, compared with a 2Q 2010 net loss before special items of $197 million. 2Q 2011 special items, net of tax, consisted of the following: a $4 million gain related to foreign currency transactions, a $3 million charge related to closure costs, a $2 million gain related to asset sales, an $8 million charge for post-emergence expenses and a $3 million severance charge. The Company also benefited from a $44 million tax reserve adjustment in the quarter or $0.45 per diluted share. "Our pricing for our pulp and paper products improved in the second quarter, and we completed our major annual maintenance at all our kraft pulp facilities," said Richard Garneau, President and CEO. "Although overall economic indicators are weak, I believe our focus on cost and debt reduction should yield improved financial results in the second half of the year." "We remain cautious about the economy and the impact it could have on advertising and, in turn, paper demand," said Garneau. "We expect pulp pricing to be weaker but still expect pricing to stabilize later in the year. In addition, the end of the 10% lumber export tax on shipments of lumber from Canada to the U.S. should provide additional relief in the weak lumber segment." AbitibiBowater is a global leader in the forest products industry, producing a diverse range of products, including newsprint, commercial printing papers, market pulp and wood products.