Canfor Corporation reported net income attributable to shareholders (“shareholder net income”) of $66.2 million, or $0.51 per share, for the third quarter of 2017, compared to shareholder net income of $81.3 million, or $0.61 per share, for the second quarter of 2017 and net income attributable to shareholders of $50.9 million, or $0.38 per share, for the third quarter of 2016. For the nine months ended September 30, 2017, shareholder net income was $213.6 million, or $1.62 per share, compared to $112.9 million, or $0.85 per share, for the nine months ended September 30, 2016. The Company reported operating income of $105.4 million for the third quarter of 2017, down $25.6 million from reported operating income of $131.0 million for the second quarter of 2017, with the decline reflecting lower operating earnings in both the lumber and pulp and paper segments. Lumber segment results were impacted by a decline in Southern Yellow Pine (“SYP”) lumber prices, a 5 cent, or 7%, stronger Canadian dollar, as well as increased log costs in Western Canada, the latter reflecting continued weather-related challenges and the effects of the worst fire season in recorded history in the BC Interior. Click Read More below for additional information.
Corner Brook Pulp and Paper has reached a new collective agreement with all of its unionized employees.
Kruger Inc., the mill’s Montreal-based parent company, confirmed Thursday the deal has been done, but would not comment any further on the details of the negotiations.
According to Unifor, which represents five unions at the mill, the deal is for a four-year period and was ratified last fall. It includes wage increases of two per cent in the first two years and 2.5 per cent in the final two years of the agreement.
more detail at: https://www.thewesternstar.com/news/local/corner-brook-pulp-and-paper-strikes-new-deals-with-its-labour-unions-282640/