April 28, 2010 / 6:08 PM / 8 years ago

UPDATE 1-Catalyst Paper posts wider-than-expected Q1 loss

* Rev down 24 pct

* Shares fall as much as 28 pct

April 28 (Reuters) - Canadian paper maker Catalyst Paper Corp CTL.TO posted a wider-than-expected first-quarter loss, hurt in part by lower speciality printing paper prices, sending shares down as much as 28 percent. The pulp and paper maker posted a loss of C$44.1 million, or 12 Canadian cents a share, compared with a profit of C$20.1 million, or 6 Canadian cents a share, in the year-ago period.

Higher restructuring, input and maintenance costs further impacted first quarter results, the company said in a statement.

Before items, the Richmond, British Columbia-based company posted a net loss of C$37.6 million, or 10 Canadian cents a share.

Sales fell to C$273.3 million from C$360.9 million last year.

Analysts on average were expecting a loss of 8 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Shares of the company were trading down about 26 percent at 29 Canadian cents Wednesday afternoon on the Toronto Stock Exchange. They touched a low of 28 Canadian cents earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)

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