National

West Fraser earns $48 million in Q2

Darpan News Desk The Canadian Press, 28 Jul, 2020 07:09 PM

West Fraser Timber Co. Ltd. beat expectations as it earned $48 million in its latest quarter despite lower revenues.

The Vancouver-based forest products producer says it earned 70 cents per share for the three months ended June 30, compared with a loss of $58 million or 92 cents per share in the second quarter of 2019.

Adjusted profits increased to $79 million or $1.13 per share, from $28 million or 42 cents a year earlier.

Revenues decreased three per cent to $1.28 billion from $1.32 billion in the prior year's quarter.

West Fraser was expected to report 19 cents per share in adjusted earnings on $1.15 billion of revenues, according to financial markets data firm Refinitiv.

The company says it adjusted operations starting in March to address COVID-19 which led to a reduction in production of lumber and pulp. Yet, as the quarter progressed, demand for lumber and plywood was more resilient than expected, resulting in increased pricing.

Prev Next

MORE National ARTICLES

B.C. government, Translink make agreement to keep transit rolling amid COVID

Metro Vancouver's transportation authority has reversed its plans to cut service and rescinded layoff notices to 1,500 people as it works out an emergency funding plan with the provincial government. Translink and the province say in a joint news release that they are working on a comprehensive solution to address the financial impact on the service because of the COVID-19 pandemic.

B.C. government, Translink make agreement to keep transit rolling amid COVID

Trudeau says wage-subsidy program to be extended as steep job losses continue

Prime Minister Justin Trudeau says the federal government's emergency wage-subsidy program will be extended beyond its early-June endpoint. The program covers 75 per cent of worker pay up to $847 a week to try to help employers keep employees on the job in the face of steep declines in revenue due to the COVID-19 pandemic.

Trudeau says wage-subsidy program to be extended as steep job losses continue

Huge job losses in B.C. indicate a 'hard road ahead': finance minister

British Columbia Finance Minister Carole James says she doesn't want to sugar coat what will be a hard road ahead as labour force figures show the province lost a quarter of a million jobs in April. Combined with jobless figures in March, almost 400,000 people were unemployed.

Huge job losses in B.C. indicate a 'hard road ahead': finance minister

Canadians trust doctors, scientists and government more since pandemic began

A new survey suggests the COVID-19 pandemic has given Canadians almost absolute trust in doctors. The Proof Strategies annual trust index is usually completed in January but when Canada went into a nationwide lockdown to slow the spread of the novel coronavirus the public-relations firm decided to ask the same questions again in early May.

Canadians trust doctors, scientists and government more since pandemic began

Greyhound Canada to shut down temporarily all bus routes as ridership plunges

Greyhound Canada is temporarily slamming the brakes on all of its bus routes and services as ridership plummets amid the COVID-19 pandemic. The transportation company says starting May 13 it will halt all routes until passenger demand recovers.

Greyhound Canada to shut down temporarily all bus routes as ridership plunges

Canadian Forces still unsure how to raise helicopter that crashed

The Canadian military is still determining how to raise the wreckage of a military helicopter that crashed into the Mediterranean Sea last week, Defence Minister Harjit Sajjan said Thursday. The crash killed six members of the Canadian Forces, though the remains of only one, Sub-Lt. Abbigail Cowbrough, have been recovered.