Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Rubber and Wood May 16, 2023 09:15:58 PM

GreenFirst Forest Products Trimmed Net Losses in Q1 2023

Paul Ploumis
ScrapMonster Author
The cost of sales dropped significantly by 11% from the quarter before to $106.9 million during Q1 2023.
GreenFirst Forest Products Trimmed Net Losses in Q1 2023

SEATTLE (Scrap Monster): GreenFirst Forest Products Inc. announced results for the first quarter ended April 1, 2023.

The company reported net loss from continuing operations of $20.2 million or a $0.11 loss per diluted share in Q1 2023. This is upon comparison with net loss of $25.9 million or $0.15 loss per diluted share in the prior quarter.

GreenFirst reported net sales for continuing operations of $99.1 million during Q1 2023, marginally lower by 1% compared with Q4 last year. The decline was primarily attributed to declining lumber prices, which were partially offset by higher sales from paper segment. The cost of sales dropped significantly by 11% from the quarter before to $106.9 million during Q1 2023.

Paul Rivett, interim CEO and executive Chairman of GreenFirst noted that the company is currently focused on optimizing its core assets in Ontario. The recent efforts to improve operational efficiencies have started to yield positive results. The company strengthened its balance sheet during the quarter, Rivett said.

Going forward, the company expects monetary tightening and interest rate rises to continue to put downward pressure on lumber market prices. The tightening lumber supply situation may partially offset the negative impact. It expects the challenges with ongoing tight labour market to persist.

YOU MAY ALSO BE INTERESTED IN:

GreenFirst Forest Products Concluded Offloading of Quebec Assets

GreenFirst Offered Support in Relocation of Kenora Sawmill

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search