2 Min Read
(Reuters) - Canada's Resolute Forest Products Inc RFP.TO (RFP.N) reported a smaller loss due to lower paper-machine closure costs and other asset impairment charges.
Net loss attributable to the company narrowed to $3 million, or 3 cents per share, in the fourth quarter, from $45 million, or 47 cents per share, a year earlier.
Excluding one-time items, the company, formerly known as AbitibiBowater, earned 34 cents per share.
Analysts on average had expected earnings of 29 cents per share, according to Thomson Reuters I/B/E/S.
Sales rose 2 percent to $1.15 billion.
The company owns or operates more than 40 pulp and paper mills and wood products facilities in the United States, Canada and South Korea.
Resolute's paper-machine closure costs, impairment and other related charges fell 62 percent to $33 million in the quarter.
Shares of Resolute closed at C$21.04 on the Toronto Stock Exchange on Wednesday. They have risen about 50 percent in the last six months, outperforming the Toronto Stock Exchange 300 Composite Index's .GSPTSE 8 percent gain.
Reporting by Ashutosh Pandey in Bangalore; Editing by Maju Samuel