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.