VANCOUVER -- West Fraser Timber Co. Ltd. (WFT.TO) says its net profit nearly doubled in the third quarter despite lower lumber and panel prices.

The Vancouver-based forest products company says it earned $238 million during the three months ended Sept. 30, compared with $120 million a year earlier.

Excluding one-time items, adjusted earnings were $275 million or $3.76 per basic share, up from $150 million or $1.93 per share in the prior year.

Revenues were $1.65 billion, up 32 per cent from $1.25 billion.

West Fraser was charged $68 million in countervailing and antidumping lumber duties in the quarter.

The company's shares closed up $4.17 or 6.52 per cent to $68.14 Tuesday on the Toronto Stock Exchange.