February 28, 2008 / 12:58 PM / 10 years ago

AbitibiBowater posts 4th-quarter loss

NEW YORK (Reuters) - AbitibiBowater Inc ABH.N ABH.TO, the largest newsprint maker in North America, on Thursday posted a fourth-quarter loss, hurt by charges related to asset closures coupled with severance and merger-related costs.

Net loss in the quarter was $250 million, or $5.09 a share, compared with a profit of $107 million, or $3.58 a share, a year earlier.

Excluding items, the company posted a quarterly loss of $115 million, or $2.34 a share.

Last week, Montreal-based AbitibiBowater said it was delaying the release of its quarterly and full-year results until February 28 as it needed more time to finalize its results as this is the first period of combined operations.

AbitibiBowater was formed late last year following Bowater’s purchase of Abitibi-Consolidated. The company has announced a major restructuring in a bid to lower the excess capacity in North American newsprint markets and help its price increases gain traction.

Reporting by Euan Rocha, editing by Mark Porter

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