BRITISH COLUMBIA

Interfor logs $15.8 million in Q2 on record quarterly revenue

08/01/2013 11:31 EDT | Updated 10/01/2013 05:12 EDT
VANCOUVER - International Forest Products Ltd. (Interfor) has reported net income $15.8 million, or 28 cents per share, in the second quarter compared to $100,000 in the second quarter of 2012.

The company (TSX:IFP.A) says it achieved record quarterly sales revenue in the quarter at $274.7 million — an improvement of $49.3 million over the same quarter last year.

Lumber shipments reached a record 433 million board feet in the three-month period and reflects the acquisition of the three U.S. Southeast sawmills on March 1, 2013, together with stronger North American demand.

Lumber production in the second quarter was a record 418 million board feet, up seven per cent from the previous high achieved in the first quarter of 2013.

The quarterly results were impacted by a sharp decline in commodity lumber prices, offset in part by a full quarter of production from the recently-acquired U.S operations and modestly higher prices for specialty items.

Interfor says lumber prices have firmed in recent weeks and are expected to increase with a recovering housing market in the United States. In addition, says Interfor, building activity in Japan is expected to remain strong through the latter part of 2013 while demand and pricing in China are expected to remain stable.