Norbord posts quarterly loss of $11 million

Norbord Inc. has posted a quarterly result of $11 million.

The loss in the final three months of the year was 63 per cent below the US$30 million loss reported in the fourth quarter of 2008.

Norbord said demand for oriented-strand board, a type of wood panel used in construction, improved in the fourth quarter and prices began to recover from last summer. But average prices remained lower than in late 2008.

Sales in the final quarter of 2009 were US$196 million, up from US$191 million in the comparable period of 2008.

Annual sales, however, were down 23 per cent last year - falling to US$718 million from US$943 million in 2008.

Last year's loss was $58 million or $1.35 per share, compared with $115 million or $7.62 in 2008.

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Norbord tightens Q4 losses to US$11 million as sales rise slightly (Canadian Press)