Canfor Pulp earnings more than double
Canfor Pulp Products Inc. (TSX:CFX) credits an improvement in global softwood markets for helping post higher much higher revenue and earnings in the fourth quarter.
The Vancouver-based pulp and paper producer says net income in the three month to Dec. 31 was $14.2 million, or 20 cents per share, up from $5.4 million, or eight cents per share, in the same 2013 period.
Revenue rose to $245.6 million from $201.9 million.
For the year ended Dec. 31, 2013, net income was $41.8 million, or 59 cents per share, three times the $13.4 million, or 14 cents per share it earning in 2012.
"Results in the fourth quarter of 2013 benefited from a modest improvement in global softwood pulp markets, with an increase in demand and a corresponding increase in prices through the quarter," Canfor said in announcing its results after markets closed.
It said higher shipment levels for the fourth quarter of 2013, up over 61,000 tonnes from the prior quarter, were because of higher production and a drawdown of inventories resulting from increased purchasing, principally from China, in part due to inventory build ahead of the Lunar New Year.
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