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Interfor reports 2nd quarter loss as sales fall
TORONTO, July 26 (Reuters) - International Forest Products Ltd. (IFPa.TO) Products Limited reported a loss in the second quarter on lower sales, higher costs and a stronger Canadian dollar, the company said on Thursday.
The company reported a loss of C$3.4 million ($3.2 million), or 7 Canadian cents a share, compared to a profit of C$8.0 million, or 17 Canadian cents a share, in the year-earlier quarter.
Interfor said the results reflected lower North American commodity prices, lower operating rates, higher stumpage costs and a sharp rise in the value of the Canadian dollar.
"The Canadian lumber industry is facing unprecedented challenges from weak North American lumber markets and the soaring Canadian dollar, and there appears to be no immediate relief in sight," said CEO Duncan Davies.
Revenue totaled C$195.4 million in the quarter, down from C$224.5 million in the year-ago quarter.
Lumber shipments totaled 270 million board feet for the second quarter, down from to 319 million board feet for the corresponding period in 2006. (Reporting by Janet Guttsman)
