Canfor Corp. says it had a net loss of $350.1 million in its last quarter as it took writedowns and impairment charges related to mill closures in a slumping lumber market.
The drop worked out to $2.96 per share, compared with a net loss of $23.1 million or 19 cents per share last year, according to the forestry company.
Canfor says its B.C. operations continue to struggle with limited access to economic fibre, weak lumber prices, rising operating costs, increased tariffs and various regulatory complexities.
Company chief executive Don Kayne says it was another extremely challenging quarter that pushed the company to announce a pullback in operations.
During the quarter, Canfor announced the closure of mills in Fort. St. John and Plateau, in northern B.C., leading to an asset writedown and impairment charge of $100 million, plus $38.6 million in restructuring costs.
Canfor says that, when adjusted, results worked out to a loss of $139 million, similar to the $135-million adjusted loss it had in the second quarter this year. By contrast, the third quarter last year had an adjusted loss of $19.4 million.