November 10, 2011 / 11:30 PM / 7 years ago

UPDATE 1-Western Forest Q3 rises on lumber demand

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Nov 10 (Reuters) - Western Forest Products posted a rise in its third-quarter profit on improved demand for the Canadian company’s lumber and log products.

July-September net income was C$7.6 million, or 2 Canadian cents a share, up from C$2.1 million, or breakeven per share, a year ago.

Sales rose a third to C$233.5 million.

The Vancouver, British Columbia-based company, however, said it was cautious of a weak housing market in the United States and a slowing economy in China.

The Chinese government restricted access to credit, which slowed demand growth and led to higher inventory levels and weakening of prices, Western Forest said in a statement.

“However, in the medium term, China continues to present an opportunity for Western to improve selling prices of low grade lumber and absorb volume that would otherwise be sold in a weak North American market,” it added. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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