Interfor earns $3.2 million in second quarter on lower revenues

A lift truck piles cedar planks from Interfor's Hammond Cedar Division mill in Maple Ridge, B.C. Nov. 2, 2001. International Forest Products Ltd. has signed a deal to buy the assets of Rayonier Inc.'s wood products business including three sawmills in Georgia for $80 million, its first such deal in the U.S. southeast. , THE CANADIAN PRESS/AP, Chuck Stoody

The Canadian Press

Aug 7, 2020

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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.