West Fraser announces loss of $198 million in third quarter
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Updated: November 03, 2009 5:06 PM
West Fraser Timber Co. Ltd. Monday reported a loss of $198 million or $4.64 per share on sales of $679 million in the third quarter of 2009 and a loss of $321 million or $7.49, per share, on sales of $1.965 million for the first nine months of 2009.
In the third quarter of 2009 the following significant items were included in earnings:
• Asset impairment charges of $155 million (after tax $109 million or $2.54 per share);
• A valuation allowance which resulted in a reduction to the tax recovery of $85 million or $1.98 per share;
• The translation of U.S. dollar-denominated debt which resulted in a foreign exchange gain of $28 million (after tax $24 million or $0.55 per share); and
• A gain on derivative financial instruments of $7 million (after tax $5 million or $0.11 per
share).
West Fraser is an integrated wood products company producing lumber, LVL, MDF, plywood, pulp, linerboard, kraft paper and newsprint.
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