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.
Comments on this story are pre-moderated. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.
Read more BC News
- Storm kills powerCentral Okanagan - 5:33 pm
- Hwy. 1 closed east of SicamousBC - 8:14 pm
- Rain shuts down cityKamloops - 4:15 pm
- Storm photo galleryCentral Okanagan - 4:44 pm
Government of BC
Provincial Emergency Program
BC Health Guide