July 26 (Reuters) - Tembec Inc’s quarterly profit fell 70 percent as pricing pressures at the Canadian company’s core forest products segment weighed down results, but it expects lumber prices to recover.
April-June profit fell to C$19 million ($20.1 million), or 19 Canadian cents a share, from C$59 million, or 59 Canadian cents a share, a year ago.
Quebec-based Tembec, which supplies the North American housing space with Spruce-Pine-Fir lumber, posted an 18 percent drop in revenue at C$448 million.
Shares of the company were slightly up at C$4.10 on Tuesday on the Toronto Stock Exchange. ($1 = 0.944 Canadian Dollars) (Reporting by Gowri Jayakumar in Bangalore)