VANCOUVER — Interfor Corp. says it earned $3.2 million in profits in its latest quarter despite lower revenues.
The Vancouver-based forest products producer says its net income equalled five cents per share in the second quarter, compared with a net loss of 17 cents per share or $11.2 million a year earlier.
Adjusted profits came in at $10.6 million or 16 cents per share, versus a loss of $16.2 million or 24 cents per share in the second quarter of 2019.
Revenues for the three months ended June 30 decreased 17.5 per cent to $396.8 million from $481.3 million a year earlier.
Interfor was expected to report four cents per share in adjusted profits on $351 million of revenues, according to financial markets data firm Refinitiv.
Total lumber production decreased by nearly one-third to 421 million board feet from the first quarter as it temporarily cut output in an early response to the COVID-19 pandemic before returning to normal rates by the end of the quarter.
Production in the B.C. region declined 38 per cent to 115 million board feet from 186 million board feet in the preceding quarter. Output in the U.S. South and U.S. Northwest regions fell 26 and 41.5 per cent respectively.
This report by The Canadian Press was first published Aug. 7, 2020.
Companies in this story: (TSX:IFP)
The Canadian Press