By Canadian Press

Canfor Corp. reports $43.9M loss in second quarter amid tough pulp, lumber conditions

Jul 28, 2023 | 9:18 AM

VANCOUVER — Canfor Corp. says wildfires in Western Canada continue to disrupt its operations as it reported a loss of $43.9 million in the second quarter.

With new records set in both Alberta and B.C. for total hectares burned, the company says operational constraints are expected to continue well into the third quarter of 2023. 

The loss in the second quarter was down from the $373.8 million profit Canfor reported during the second quarter last year. 

The company says declining global pulp market conditions weighed heavily on its results in the second quarter, as did pressure on global lumber market fundamentals and pricing. 

Canfor president and CEO Don Kayne says European and U.S. South operations were strong, helping partially offset weaker results from the company’s western Canadian lumber business. 

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Sales during the second quarter were $1.45 billion, down from $2.17 billion a year earlier. 

This report by The Canadian Press was first published July 28, 2023.

Companies in this story: (TSX:CFP)

The Canadian Press