Abitibi loses $79 million in Q2
July 26, 2004 By Pulp & Paper Canada
Despite a loss of $79 million, Abitibi Consolidated posted improved results for the second quarter. "Prices fo…
Despite a loss of $79 million, Abitibi Consolidated posted improved results for the second quarter. "Prices for all of our products continue moving up, we have labour stability and our operations are once again generating profits," confirmed president and chief executive officer John Weaver. "There are challenges for North American newsprint that we will continue to meet head on, but growth in our Asian operations and the commercial printing grades are showing good momentum," he added.
The company recorded a second quarter loss of $79 million (18 cents a chare) compared with net earnings of $146 million (33 cents a share) recorded in the second quarter of 2003 and a loss of $31 million (seven cents a share) in the first quarter of 2004. Included in the quarter’s results was an after-tax loss of $68 million on the translation of foreign currencies, mainly the company’s United States dollar-denominated debt and an after-tax gain of $19 million from the sale of its 21% stake in the OSB mill, Voyageur Panel.
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