AbitibiBowater posts a quarterly loss of $297 million

AbitibiBowater has reported a net quarterly loss of $297 million (US) compared to $510 million in the same quarter a year ago.

Revenues grew 14 per cent to US$1.18 billion from US$1.04 billion on higher prices for paper, pulp and wood products, though the results were negatively affected by lower prices for specialty papers.

Despite the improved results, the company still faced the impact of a higher Canadian dollar, which reduced earnings by US$68 million.

Operating losses tightened to US$73 million from US$285 million last year when the company faced costs from closing factories and from weaker market prices.

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AbitibiBowater reduces second-quarter loss to US$297 million, revenues higher (Canadian Business)