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Home News Canfor third quarter operations

Canfor third quarter operations

Canfor Corporation has reported net income of $33 and half million for the third quarter of 2010…down from $40.4 million for the second quarter.

However, it is still a significant improvement over the $4.1 million for the third quarter last year, and it’s a simliar story when comparing nine month totals.

This year, for the period ending September 30th, the Company had recorded a net income of $106.4 million.

For the comparable period in 2009, it had a net loss of $53.7 million.

The company says North American lumber market activity was subdued, in the third quarter this year, as the weak U.S. economy and the troubled U.S. housing market continued to weigh on the forestry sector.

Canfor adds average lumber prices in North America were well down from the previous quarter, when prices were boosted, by a brief rally, that ended abruptly in May.

Its recently restarted Chetwynd and Quesnel mills, operated through the quarter, but the companies’ overall lumber business only achieved about 70 percent of capacity.

As a result in September, Canfor announced, its Clear Lake lumber operation located near Prince George, will be permanetly closed in January.

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