April 22, 2020 - Vancouver, B.C. - Canfor Pulp Products Inc. (“The Company” or “CPPI”) (TSX: CFX) today reported first quarter 2020 results and suspension of its quarterly dividend:
- First quarter of 2020 reported operating income of $6 million
- Net income of $7 million, or $0.11 per share
The following table summarizes selected financial information for CPPI for the comparative periods:
The Company reported operating income of $6.1 million for the first quarter of 2020, up $29.6 million from the fourth quarter of 2019. Reported results for the first quarter of 2020 included a $10.7 million recovery in the finished pulp and raw material inventory write-down provision at period end. After adjusting for this, the Company recorded an operating loss of $4.6 million for the first quarter of 2020, a $21.9 million improvement from a similarly adjusted operating loss in the previous quarter.
The Company’s operating results principally reflected a solid operating performance at the Company’s pulp and paper mills, as higher production and a corresponding decline in pulp unit manufacturing costs combined with a 1 cent, or 2%, weaker Canadian dollar, mitigated the impacts of the coronavirus outbreak (“COVID-19”) in the latter half of the quarter.
Source: Canfor Pulp