Domtar profit falls 69 pct on weak pulp prices
Feb 1 (Reuters) - Paper and pulp producer Domtar Corp's quarterly profit fell 69 percent due to weak pulp prices and higher costs, and the company said it expected paper prices to be little changed this year.
Fourth-quarter net income fell to $19 million, or 54 cents per share, from $61 million, or $1.63 per share, a year earlier.
"The down cycle in pulp prices contributed to the majority of the decline in Domtar's earnings," chief executive John Williams said.
"Higher costs for fiber and energy and unexpected costs incurred at a pulp mill following a planned maintenance outage affected results," Williams added.
Sales fell 3 percent to $1.33 billion.
The paper maker took a charge of $27 million related to restructuring.
Montreal-based Domtar's shares closed at C$83.00 on the Toronto Stock Exchange on Thursday.
- Air strike kills 15 civilians in Yemen by mistake: officials
- North Korea executes leader's powerful uncle in rare public purge |
- Insight: In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
- Storm to cloak Midwest to Northeast in snow, freezing rain
- Twitter backtracks on block feature after users revolt |