Listen Live
Listen Live

Canfor posts $142 million first-quarter loss; cites challenging conditions in places like PG

It’s been a bumpy start to the year for Canfor.

During its first-quarter report, the company posted a loss of $142 million.

It’s mainly due to its lumber operations across Western Canada facing lower prices.

That’s a stark contrast to the $534 million profit that was posted a year earlier.

Chief Executive Don Kayne issued the following statement in a media release.

“Strong earnings from our European operations and more modest earnings from our US South operations were overshadowed by ongoing weakness in Western Spruce/Pine/Fir lumber pricing, which resulted in further temporary capacity reductions across our Western Canadian sawmills.”

“In addition, we announced and began implementing a restructuring of our British Columbian lumber operations to better align manufacturing capacity with the available long-term fibre supply. Despite improved earnings, this was also a difficult quarter for our pulp business, driven by the wind-down of the pulp line at the Prince George Pulp and Paper Mill. While these restructuring decisions for both our lumber and pulp business will create a more sustainable operating footprint for Canfor going forward, we sincerely regret the impact on our employees, their families, contractors, and our local communities.”

The company expects results in the second quarter of this year will reflect the impact on pulp production and shipments of the closure of pulp line at the PG Pulp and Paper mill.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

New-look Cougars sink their teeth into Portland

The Cougars find themselves off for the next 12 days before heading to Spokane for a two-game set against the Chiefs October 3rd and 4th.

Three workshops coming to Prince George for Alzheimer caregivers

The Alzheimer Society of B.C. will be hosting free workshops in Prince George next week.

Cops for Cancer Tour de North raises $245,000 for childhood cancer research

Emergency service crews that took part in this year's Cops for Cancer Tour de North wrapped up their seven day ride on Thursday in Prince Rupert.

Zach’s Sports Shorts; Saturday, September 20th

The regular season officially kicked off for the Prince George Cougars yesterday (Friday) after a 6-1 victory over the Portland Winterhawks at home.

New faces shine for Cougars in season opener

That's starting the season with a bang.The Prince George Cougars opened their season with a 6-1 win over the Portland Winterhawks in front of 4,252 fans at the CN Centre.
- Advertisement -