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

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.

Source: The Canadian Press