Canadian forest products group Tembec Inc has posted a net loss of C$77.2m for the fourth quarter.

Sales totalled C$838.6m, down from C$877.1m a year ago. For the 12 months ending September 27, Tembec recorded net profits of C$11.4m, compared with a net loss of C$116.2m in 2002.

Despite higher US dollar selling prices for lumber, profitability was impacted by the Canadian dollar’s increase in value.