Western Forest Products and Interfor figures highlight slow recovery8 August 2011
The first half reports of two big names in Canadian forest products underline the slow pace of recovery in the sector.
Western Forest Products reported second quarter sales of C$222.7m, compared to C$184.8m in the same period in 2010. This took first half sales to C$407m, against C$326m. However, second quarter earnings before interest, tax, depreciation and amortisation were the same as the year before at C$22.3m, giving a first half EBITDA figure of C$30.6m, against C$31.7m.
Interfor reported a net loss of C$5.3m for the second quarter compared with a loss of C$3.5m in 2010, giving a net deficit for the first half of C$7.2m against C$7.4m.
First quarter sales were C$192m compared with C$161m, taking turnover for the first half to C$375m, against C$303m.
Lumber production in the second quarter was 325 million board feet, a fall of 7 million board feet on quarter one. Interfor attributed this to log availability.