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Canfor reports Q3 profit of $5.6 million compared with year ago loss
By The Canadian Press

VANCOUVER - Canfor Corp. (TSX:CFP) said Thursday it turned a profit in its latest quarter compared with a loss in the same period last year, as revenue gained more than 10 per cent.

The Vancouver-based lumber producer said it earned $5.6 million or four cents per diluted share for the quarter ended Sept. 30 compared with a loss of $5.2 million or four cents per share a year ago.

Sales for the quarter totalled $588.7 million, up from $521.2 million.

"While pulp markets remained strong in the quarter, the stagnant U.S. housing market weighed on the results of our solid wood business," Canfor president and CEO Jim Shepard said in a statement.

"On a more positive note, we continued to see strong demand from China for our Western SPF lumber, and this was reflected in our record-high shipments to Asia in the third quarter."

Canfor said its lumber business operated at approximately 70 per cent of capacity in the third quarter, with its recently restarted Chetwynd and Quesnel mill operations in the B.C. Interior operating through the quarter.

Production from the Quesnel mill was fully dedicated to the Chinese market.

Shares in Canfor, which reported its results after the close of markets, were up 19 cents at $9.36 on the Toronto Stock Exchange on Thursday.

http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b4965670