Insolvent newsprint giant AbitibiBowater's first-quarter loss more than doubled to $500-million (U.S.) as it felt the effects of a stronger Canadian currency.
The Montreal-based company, which reports in U.S. dollars, lost $8.68 per share for the period ended March 31. That's up from a loss of $3.78 or $218-million in the same period in 2009, according to results filed with the U.S. securities regulator.
Revenues decreased slightly to $1.1-billion from $1.11-billion.
AbitibiBowater's operating loss grew to $100-million from $24-million a year ago.