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Canfor Corp. CFP-T reported a loss in its first-quarter compared with a profit a year ago as its lumber operations in Western Canada faced lower prices.

Canfor chief executive Don Kayne says it was another challenging quarter for the company’s lumber business.

The Vancouver-based forestry company says strong earnings from its European operations and more modest results from its operations in the U.S. South were outweighed by continued pricing pressure on its western Canadian operations.

Canfor says it lost $142.0 million or $1.17 per diluted share for the quarter ended March 31 compared with a profit of $534.0 million or $4.29 per diluted share a year earlier.

Sales totalled nearly $1.39 billion, down from $2.21 billion in the first three months of 2022.

On an adjusted basis, Canfor says it lost $1.20 per diluted share in its latest quarter compared with an adjusted profit of $4.25 per diluted share a year earlier.

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