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WFP raised sales to over CAD1bn for first time in 2014

27.03.2015 − 

With a 6% increase in sales revenue to a total of around CAD1.037bn, Canadian Western Forest Products (WFP) succeeded in surpassing the CAD1bn mark last year for the first time in its history but its EBITDA and net result remained well short of the previous year’s figures at CAD108.5m and CAD68.4m respectively. The company believes the reductions in its results are mainly attributable to deterioration in market conditions in the second half-year 2014. The volume of log and lumber sales to China and Japan in particular slowed perceptibly. Growth in log purchasing costs and reduced availability put an additional strain on the results. Greater demand and successful price increases for western red cedar products (WRC) coupled with a switch in the output of softwood lumber assortments for Japan from commodity products to higher-priced niche products was not sufficient to contribute to an improvement in the results. In addition, WFP had posted income of CAD26.5m from tax reimbursements the year before, which only amounted to CAD3.4m in the year under review. Restructuring costs of CAD10.8m also placed a burden on the net result.

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