July 30, 2009 / 10:39 PM / in 8 years

UPDATE 1-Lumber producer Canfor posts lower Q2 profit

* Q2 profit C$0.07/shr

* Q2 sales C$541.7 mln vs C$706.4 mln

July 30 (Reuters) - Canada’s Canfor Corp (CFP.TO) reported a lower second-quarter profit as the softwood lumber producer continued to be hit by weaker housing activity in the United States.

For the quarter, the company reported net income of C$10.5 million, or 7 Canadian cents a share, compared with C$64.2 million, or 45 Canadian cents a share in the prior year period.

Excluding items, it reported a loss of 12 Canadian cents a share. Sales fell to C$541.7 million for the quarter.

Canfor, Canada’s second-largest producer of softwood lumber, said it is curtailing another 95 million board feet, in the form of summer shuts, at its continuing Western SPF and SYP operations in the third quarter.

Shares of the company closed at C$5.79 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore, Editing by Dinesh Nair) ((ashutosh.joshi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ashutosh.joshi.reuters.com@reuters.net))

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