Canfor Corp. says it had a net loss of $350.1 million in its last quarter as it took writedowns and impairment charges related to mill closures in a slumping lumber market.
The forestry company says the net loss worked out to $2.96 per share, compared with a net loss of $23.1 million or 19 cents per share last year.
Canfor says its B.C. operations continue to struggle with limited access to economic fibre, weak lumber prices, rising operating costs, increased tariffs and various regulatory complexities.
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Company chief executive Don Kayne says it was another extremely challenging quarter that pushed it to announce a pullback in operations.
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During the quarter, Canfor announced the closure of mills in Fort. St. John and Plateau in northern B.C., leading to an asset write-down and impairment charge of $100 million, plus $38.6 million in restructuring costs.
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It says that when adjusted, results worked out to a loss of $139 million, similar to the $135-million adjusted loss it had in the second quarter, while third quarter last year it had an adjusted loss of $19.4 million.
