VANCOUVER, Feb. 20, 2020 - Canfor Pulp Products Inc. ("CPPI") (TSX: CFX) today reported 2019 and fourth quarter 2019 results and its quarterly dividend:
- 2019 reported operating loss of $31 million; net loss of $31 million, or $0.47 per share
- Fourth quarter of 2019 reported operating loss of $24 million; net loss of $20 million, or $0.30 per share
The following table summarizes selected financial information for CPPI for the comparative periods:
Following record-high pulp prices and operating income in 2018, Canfor Pulp saw a sharp reversal of market conditions in 2019, which along with the impact of significant sawmill curtailments on supply and costs, weighed heavily on financial results. For the 2019 year, the Company reported an operating loss of $31.0 million and a net loss of $0.47 per share, compared to operating income of $246.6 million and net income of $2.83 per share for the year ended December 31, 2018.
For the fourth quarter of 2019, the Company reported an operating loss of $23.5 million, compared to an operating loss of $44.0 million reported for the third quarter of 2019. The lower reported loss in the current period principally reflected higher pulp shipments and lower pulp unit manufacturing costs, both factors largely attributable to increased production at the Company's NBSK pulp and BCTMP mills, following market-related curtailments throughout the prior quarter.