Interfor's $35.6 million Q3 loss includes writedowns, B.C. restructuring costs - InfoNews

Current Conditions

Light Rain and Snow
1.8°C

Interfor's $35.6 million Q3 loss includes writedowns, B.C. restructuring costs

Logs are seen in an aerial view stacked at the Interfor sawmill, in Grand Forks, B.C., on May 12, 2018. Interfor Corp. says it had a $35.6-million net loss in the third quarter, which included write-downs related to the permanent closure of a sawmill in Maple Ridge, B.C., as well as restructuring costs at its B.C. Coastal business. THE CANADIAN PRESS/Darryl Dyck
November 08, 2019 - 8:18 AM

VANCOUVER - Interfor Corp. says it had a $35.6-million net loss in the third quarter, which included write-downs related to the permanent closure of a sawmill in Maple Ridge, B.C., as well as restructuring costs at its B.C. Coastal business.

The loss amounted to 53 cents per share and included $14 million of non-cash asset impairments at the Hammond sawmill and $17.8 million in expenses related to human resource matters and the retirement of CEO Duncan Davies.

Davies will retire at the end of the year and be replaced on Jan. 1 by Ian Fillinger, the company's chief operating officer.

The August announcement of Interfor's CEO succession plan was followed on Sept. 3 with a decision to permanently close the Hammond sawmill by the end of 2019 after its log and lumber inventories have been processed.

Interfor said Friday it also expects to receive fourth-quarter approval to complete its previously announced acquisition of B.C. Interior cutting rights and forestry licences, as well as certain liabilities, from Canadian Forest Products Ltd.

Interfor's adjusted loss for the three months ended Sept. 30, amounted to $11.8 million or 17 cents per share, while sales totalled $486.5 million.

In last year's third quarter, which has been restated for a change in accounting rules, Interfor had a net profit of $28.2 million or 40 cents per share. Adjusted net income was the same and sales totalled $570.5 million.

This report by The Canadian Press was first published Nov. 8, 2019.

Companies in this story: (TSX:IFP)

News from © The Canadian Press, 2019
The Canadian Press

  • Popular kamloops News
  • Comments
View Site in: Desktop | Mobile