West Fraser Timber posts quarterly net loss of $20 million

West Fraser Timber has posted a net loss of $20 million in its fourth quarter on sales of $647 million.

2010 is expected to be another challenging year for West Fraser's lumber and panel operations as U.S. housing starts, although expected to improve from the depressed levels of 2009, will likely remain at relatively low levels. Pulp demand and pricing has been reasonably strong with the return of general economic growth in major consuming regions.

Hank Ketcham, the Company's Chairman, CEO and President, said, "Although 2009 was the Company's worst year from the perspective of financial results, with many of our employees having to deal with production curtailments, I believe that we met the challenge of achieving new levels of cost-savings and efficiency. As a result, we are extremely well positioned in terms of our current operating rates to benefit from improved demand and stronger product prices in the future. We have a focused employee group and efficient facilities which should give us a significant advantage going forward."

Read more:

West Fraser Announces Improved Fourth Quarter Results (West Fraser Timber)