Canfor Pulp Products Inc. (CPPI) reported an operating loss of $26.0 million for the 1Q 2022, compared to an operating loss of $137.2 million for the 4Q 2021. After adjusting for a $1.1 million recovery in its inventory write-down provision in the current period, the Company’s operating loss was $27.1 million for the 1Q 2022, a $14.0 million improvement compared to a similarly adjusted operating loss for the 4Q 2021 of $41.1 million. 1Q 2022 sales decreased by %16 to $219.7 million, compared to $ 262.4 million in the 1Q 2021.
Kevin Edgson, CPPI President and CEO, said, “This was another difficult quarter for Canfor Pulp, as the ongoing global supply chain crisis continued to impact not only our operations and shipments, but our ability to realize on a sharp increase in NBSK pulp list prices. Despite these challenges and operational upsets, we continued to preserve our strong cash position. I am working closely with CPPI’s leadership team to begin the process of undertaking a comprehensive business review and will be developing a plan to improve operational reliability and optimize fibre supply. In the coming months, with the Northwood pulp mill recovering well after its RB1 capital-upgrade, we are focused on getting our production performance back on track.”
Canfor Pulp is a leading global supplier of pulp and paper products with operations in the central interior of British Columbia, Canada.
