Conifex Timber Suffered Net Loss in Q3 This Year
The reduced output was mainly on account of two-week long curtailment of operations in August this year.
SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the third quarter of the year ended September 30, 2021.
The EBITDA from continuing operations declined from $7.6 million in the prior year quarter to $3.3 million in Q3 this year. The company incurred a net loss from continuing operations of $0.9 million or $0.02 per share, compared to $2.0 million or $0.04 per share in third quarter of 2020.
ALSO READ: Conifex Timber Announced Q2 2021 Financial Results
The Conifex mills operated at around 67% of annualized capacity during the quarter. This resulted in a significant decline in lumber production, which dropped from 49 million board feet of lumber in the prior quarter to 40.1 million board feet in the third quarter of 2021. The reduced output was mainly on account of two-week long curtailment of operations in August this year.
The shipments of Conifex-produced lumber registered decline by 39% from 55.5 million board feet of lumber in the previous quarter to 34.1 million board feet in the third quarter of 2021, primarily impacted by temporary curtailment at its Mackenzie sawmill. The revenues from lumber products surged 23% from Q3 last year to total $38.4 million in the third quarter of 2021.
Conifex Timber expects lumber markets to remain strong, mainly supported by steady demand from U.S. housing starts.