As it concludes a two week summertime economic downturn curtailment period at its Fort St. John sawmill, Canfor is out with its second quarter operating results.
The Vancouver-based company reports a net income of 10.5 million dollars, as opposed to a first quarter net loss of 58.8 million.
However, it says the improvement is masked, by several non-cash items…and it also points out, for the six month period ending June 30th, it still has a net loss of 48.3 million.
Still sighting the ongoing global and particuarly U.S recessions as the keys to its performance problems, it has again specifically fingered the lowest level of U.S. housing starts in decades.
The rising Canadian dollar is also a problem, for the entire forest industry. The dollar has moved higher by about 16 cents since May 9th, 2009.