April 21st, 2024

Canfor Corp. reports $117-million loss in fourth quarter after ‘challenging’ 2023

By The Canadian Press on March 5, 2024.

Softwood lumber is pictured in Richmond, B.C., Tuesday, April 25, 2017. THE CANADIAN PRESS/Jonathan Hayward

VANCOUVER – Canfor Corp. says it lost $117.1 million in the fourth quarter of 2023, a smaller loss than $207.9 million a year earlier.

The Vancouver-based company says sales totalled $1.28 billion, down from $1.37 billion during the same quarter in 2022.

The company says it was a challenging year, as weak global lumber market conditions in late 2022 continued into 2023. Sales were lower in 2023 compared with 2022, and the company reported a loss for the year compared with profits in 2022.

Canfor says that ongoing inflationary pressures and higher interest rates have resulted in persistent affordability concerns for consumers, reducing global demand.

In response to market conditions and constrained fibre supply, the company notes it reduced production at its Western Canadian operations in 2023.

The company says it’s been facing challenges accessing economically viable fibre in B.C., resulting in multiple closures last year, both temporary and permanent.

This report by The Canadian Press was first published March 5, 2024.

Companies in this story: (TSX:CFP)

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