Canfor announces $94 million dollar loss in 3rd quarter of 2008

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Canfor Corp is now reporting its earnings are down again in the third quarter of this year. The company reported a net loss of more than $94 million in a press release issued today. Things had been looking up for the financially-troubled company earlier in the year when it posted an in income of more than $64 million in the second quarter of 2008.

However, Canfor is tempering the news of the latest loss, saying it’s mainly the result of several one-time expenses the company incurred in its third quarter, including an asset impairment charge of nearly $57 million dollars related to the company’s investments in Howe Sound Pulp and Paper. The company also cited the ailing loonie, saying it lost more than $11 million as a result of foreign exchange translation on the company’s US-dollar debts.

Canfor’s President and CEO Jim Shepard is calling current forestry market conditions the worst in living memory.


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