VANCOUVER - Canfor Corp. (TSX:CFP) said Thursday it earned $40.4 million in its latest quarter as sales grew 20 per cent.
VANCOUVER - Canfor Corp. (TSX:CFP) said Thursday it earned $40.4 million in its latest quarter as sales grew 20 per cent.
The lumber producer said the profit amounted to 13 cents per share for the second quarter of 2010, compared with $12.1 million or seven cents per share a year ago.
Sales totalled $634.7 million, up from $530.3 million.
After peaking at their highest levels in several years in April and early May, lumber and oriented-stand board prices fell off sharply on higher production, slowing inventory replenishment orders and a stalling U.S. housing recovery.
"As encouraging as it has been to see another quarter of improved results, the significant decline in solid wood prices in the latter part of the quarter clearly highlights the fragility of the U.S. housing sector," Canfor president and chief executive Jim Shepard said in a statement.
Billionaire Jim Pattison, the company's largest shareholder, recently increased his stake in Canfor to roughly 33.7 per cent.
Shares in Canfor, which reported its results after the close of markets, were down five cents at $8.15 on the Toronto Stock Exchange on Thursday.