VANCOUVER - Interfor Corp. says it earned $3.2 million in profits in its latest quarter despite lower revenues.
The Vancouver-based forest products producer says its net income equalled five cents per share in the second quarter, compared with a net loss of 17 cents per share or $11.2 million a year earlier.
Adjusted profits came in at $10.6 million or 16 cents per share, versus a loss of $16.2 million or 24 cents per share in the second quarter of 2019.
Revenues for the three months ended June 30 decreased 17.5 per cent to $396.8 million from $481.3 million a year earlier.
Interfor was expected to report four cents per share in adjusted profits on $351 million of revenues, according to financial markets data firm Refinitiv.
Total lumber production decreased by nearly one-third to 421 million board feet from the first quarter as it temporarily cut output in an early response to the COVID-19 pandemic before returning to normal rates by the end of the quarter.