July 26, 2012 / 9:41 PM / 5 years ago

Canfor Corp's profit doubles on strong demand in North America

July 24 (Reuters) - Canadian forest products company Canfor Corp’s quarterly profit more than doubled on strong demand in both North American and offshore markets.

Second-quarter net income attributable to equity shareholders rose to C$4.5 million ($4.46 million), or 3 Canadian cents per share, from C$2.1 million, or 1 Canadian cent per share, a year earlier.

The Vancouver-based company’s revenue rose 13 percent to C$700.9 million.

The U.S. housing activity continued to improve, with housing starts up over 3 percent from the previous quarter and Canadian housing starts up 12 percent from the previous quarter, Canfor said.

Rival Norbord Inc earlier in the day posted a six-fold rise in second-quarter profit on a U.S. housing market recovery.

Canfor produces softwood lumber, plywood, oriented strand board (OSB) commonly used to sheath roofs, walls and floors and other wood and lumber products.

Canfor, which has a market cap of C$1.67 billion closed at C$11.68 on Thursday on the Toronto Stock Exchange.

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