July 23, 2010 / 10:54 AM / in 8 years

International Forest Products Q2 loss narrows

* Q2 loss excluding items C$0.01/shr

* Revenue up 93 percent

July 23 (Reuters) - Canada’s International Forest Products Ltd IFPa.TO posted a narrower second-quarter loss on Friday, helped in part by higher commodity prices.

The company posted a net loss of C$2.6 million, or 6 Canadian cents a share, compared with a loss of C$15 million, or 32 Canadian cents a share, in the year-ago quarter.

Excluding items, the company posted a loss of C$600,000 or 1 Canadian cent a share.

Total sales rose 93 percent to C$15.9 million.

Improved sales volumes reflected the addition of production from Adams Lake, recommenced operations at Grand Forks and higher operating rates at the company’s U.S.-based sawmills.

SPF 2x4 — a type of wood panel the company sells — peaked at $320 in the last two weeks of April, but dropped as low as $188 in late June. For the quarter, SPF 2x4 averaged $264 compared with $269 in the first quarter.

Hem-Fir studs — another of the company’s products — were up $19 at $292, although sales volumes fell dramatically in the last six weeks of the quarter as SPF prices dropped faster than comparable Hem-Fir products.

Further impacting results in the quarter were higher log prices, particularly in the United States, and lower chip prices in the British Columbia interior.

Shares of the company closed at C$4 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Roshni Menon) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below