National

West Fraser Timber reports loss in fourth quarter

Darpan News Desk The Canadian Press, 14 Feb, 2023 04:50 PM

VANCOUVER - West Fraser Timber Co. Ltd. says it saw losses of US$94 million in the fourth quarter of 2022, down more than 128 per cent from earnings of US$334 million during the same quarter a year earlier.

The company, which reports in U.S. dollars, says in the fourth quarter it faced dampened new home construction in the U.S. due to high interest rates, which weighed on its lumber business in particular.

Sales in the fourth quarter were US$1.62 billion, down more than 20 per centfrom US$2.04 billion a year earlier, while earnings per diluted share were negative US$1.13, down from US$3.13 a year earlier.

The company says for the full financial year, it earned US$1.98 billion, down almost 33 per cent per cent from $2.95 billion in 2021.

Last week, the company announced it would temporarily curtail operations at its mill in Quesnel, B.C., after announcing in January it was indefinitely curtailing its Perry Sawmill in Florida due to high fibre costs and softening lumber markets.

President and CEO Ray Ferris says the company anticipates moderating costs will continue to have an impact on the business.

Prev Next

MORE National ARTICLES

B.C. school support staff have tentative deal

The Finance Ministry says the deal is between the Public School Employers' Association and school presidents' councils representing 57 locals of the Canadian Union of Public Employees.

B.C. school support staff have tentative deal

VPD seizes cache of weapons from Hastings Street tent encampment

VPD patrol officers launched a criminal investigation earlier this week after receiving information illicit drugs and weapons were being stored inside a tent near Main and Hastings. 5 people were arrested. The investigation remains ongoing.

VPD seizes cache of weapons from Hastings Street tent encampment

Parole extended for Victoria killer 25 years later

A Parole Board of Canada decision says 40-year-old Kerry Sim, who was formerly known as Kelly Ellard, has been authorized to remain on day parole but with numerous conditions. Sim was 15 years old when she and a group of teenagers swarmed and beat Virk, and her trial heard she and a co-accused later followed the 14-year-old girl to continue the beating and drown her in the Gorge waterway.

Parole extended for Victoria killer 25 years later

B.C. premier stresses more collaboration in speech

Horgan told local elected leaders at the Union of B.C. Municipalities convention that he wasn't there to make splashy funding announcements, which he called lolly, but rather to start or continue collaborative initiatives aimed at bringing results.

B.C. premier stresses more collaboration in speech

Altercation between youth groups results in youth being stabbed in Newton

Police say they are working to identify two suspects, they are described as South Asian youths believed to be between 15 and 17 years old, who left the area before police arrived. They say one of the suspects may have sustained superficial injures during the altercation.

Altercation between youth groups results in youth being stabbed in Newton

Search warrant at a Surrey convenience store leads to seizure of fentanyl and large amount of cash

On August 30, 2022, Surrey RCMP Drug Unit executed a search warrant at a convenience store located in the 10200-block of City Parkway. Investigation lead the police to believe that the business was being used to facilitate drug trafficking in the area.