UPM increases the IFRS fair value of its forest assets in Finland, mainly due to higher forest...
Canfor posts results for second quarter of 2018
Canfor Corporation has reported second quarter 2018 results. Highlights include record adjusted operating income of $334 million driven by historically high lumber prices and record-high pulp and paper earnings; record-high quarterly sales of $1.46 billion.
The Company reported operating income of $282.1 million for the second quarter of 2018, up $78.3 million from reported operating income of $203.8 million for the first quarter of 2018, with the increase reflecting significantly higher lumber segment operating earnings and record-high pulp and paper segment operating earnings.
Reported results for the second quarter of 2018 included a net duty expense of $51.7 million, at a current effective countervailing duty (“CVD”) and anti-dumping duty (“ADD”) rate of 14.94%, compared to $34.9 million in the first quarter of 2018 and $35.6 million in the second quarter of 2017. After adjusting for duties, operating income was $333.8 million for the second quarter of 2018, up $95.1 million from similarly adjusted operating income in the first quarter of 2018.