High lumber prices helped Canfor Corporation record pre-tax profits of C$41.9m during the third quarter.
The profits were C$44.1m more than the corresponding period in 2002, while sales decreased due to the rapid rise of the Canadian dollar.
Canfor’s wood products division had operating profits of C$39.1m, which was C$54m higher than the same period in 2002. Improved lumber prices, US dollar forward contract gains and a retroactive adjustment to anti-dumping duties helped results.
Strong housing starts and concern about supply shortages due to summer fires in British Columbia increased prices for western SPF 2×4 No 2 & better random lengths from US$296 at the start of the quarter to US$372 in mid-September.