Norampac has reported a net income of $1.3 million or $8.9 million of net income excluding specific items for the q…
Norampac has reported a net income of $1.3 million or $8.9 million of net income excluding specific items for the quarter that ended on June 30, 2004. The same period in 2003 witnessed a net income of $1.1 million or $9.1 million excluding specific items.
The quarter was characterized by lower selling prices in the containerboard and corrugated products segments and an unrealized loss of $6.8 million on financial instruments related to some commodity hedging contracts. The company’s North American primary mill capacity utilization rates (excluding the Burnaby paper mill currently on strike) was approximately 94%, up from 91% in 2003. It’s North American integration level increased to 65%, up from 63% compared to the same period last year
“We continue to remain positive about the economy,” remarked Marc-Andr Depin, president and chief executive officer. “We still believe the company should generate improved results as the year progresses.”
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