February 20, 2008 / 9:31 PM / 10 years ago

West Fraser posts loss on weak lumber markets

VANCOUVER, British Columbia, Feb 20 (Reuters) - The weak U.S. housing market pushed lumber producer West Fraser Timber Co (WFT.TO) into a fourth quarter loss, the company said on Wednesday, but the pain was eased slightly by tax-related gain.

    West Fraser said it had a net loss of C$3 million, or 7 Canadian cents a share, in the quarter. It recorded a income tax recovery gain of C$67 million in the period and its operating loss was C$64 million.

    That compared with a net profit of C$296 million, or C$6.87 per share, in the same quarter a year earlir, during which the company’s results were boosted by a repayment of duties after the settlement of the U.S.-Canada lumber trade fight.

    $1=$1.01 Canadian Reporting Allan Dowd; Editing by Peter Galloway

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