US engineered wood products manufacturer Boise Cascade has announced an annual net loss of US$46.4m (2010: US$6.1m profit).
Boise CEO Tom Carlile said the company was disappointed in the lack of growth within residential construction, which was negatively impacting its performance.
“The mix of housing starts was not conducive to demand growth and there wasn’t really any catalyst for price movement during the year,” he said.
The wood products division, incorporating manufacture of plywood, LVL and I-joists recorded a net loss of US$15m (2010: US$8m loss).
Sales totalled US$712.5m (2010: US$687.4m), with fourth quarter sales up 15% due to 6% higher plywood sales volumes, 25% higher LVL volumes and a 14% growth in I-joist business.
Boise’s building materials distribution business showed a net profit of US$1.9m(2010: US$11.6m), with sales up marginally to US$1.77bn.
