Canfor reports $67 million in operating losses in Q2 of 2023

PRINCE GEORGE — Canfor is reporting in $67 million in operating losses for the second quarter of 2023.

In a news release, Canfor says that “Q2 2023 operating loss of $67 million including a $57 million reversal of a previously recognized inventory write-down; adjusted operating loss of $124 million; adjusted shareholder net loss of $44 million, or $0.36 per share.”

The company says that strong earnings in European and US South operations presented persistent challenges in BC as well as “sustained pressure on global lumber market fundamentals and pricing, particularly in North America.”

Canfor Pulp reported a $28 million net loss in the second quarter. Canfor says in a press release that “significant deterioration in global pulp market fundamentals throughout the quarter driven by record high pulp producer inventory levels and weak global pulp demand” contributed to the losses.