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Canfor Corp(CFP-T)

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B.C. Wildfires Push Canfor To A Q2 Loss Of $43.9 Million

Baystreet - Mon Jul 31, 7:59AM CDT
Wildfires in British Columbia have led lumber company Canfor (CFP) to record a second-quarter loss of -$43.9 million.

The Q2 loss was down substantially from a profit of $373.8 million reported in the same period a year earlier.

However, the Q2 result was an improvement from the first quarter of this year when Canfor reported a loss of -$142 million.

Revenue in this year’s second quarter totaled $1.45 billion, down 33% from $2.17 billion a year earlier.

The company said that ongoing wildfires in Western Canada, including in Alberta, are disrupting its access to fibre as well as lumber harvest and hauling activities.

Canfor expects the wildfire situation to persist well into the current third quarter of the year. The company added that declining global pulp prices also negatively impacted its Q2 result.

Canfor’s stock has declined 23% over the last 12 months to trade at $20.89 per share.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.