VANCOUVER - West Fraser Timber Co. Ltd. (TSX:WFT) said Monday it lost $16.7 million in its latest quarter as the company saw continued weakness in offshore prices for low-grade lumber.
The Vancouver-based forestry company said the loss amounted to 39 cents per share in its latest quarter compared with a profit of $18.9 million or 44 cents per share a year ago.
Sales totalled $681 million, down from $687 million.
In its outlook, the company noted that low-grade lumber prices strengthened late in the quarter and productivity and cost improvements are expected to be realized over the next few quarters.
However, Hank Ketcham, West Fraser's chairman, president and chief executive, remained cautious.
"Although there are some improvements in our markets, we will continue to monitor capital spending and focus on maintaining a strong balance sheet as the North American and Asian economies remain fragile," Ketcham said in a statement.
West Fraser, which has operations in Western Canada and the southern United States, produces lumber, wood chips, plywood, pulp and newsprint.
Shares in the company, which reported its results after the close of markets, were up three cents at $43.43 on the Toronto Stock Exchange on Monday.