Conifex Timber Inc. reported results for the Q2 ended June 30, 2023. EBITDA was negative $8.7 million for the quarter compared to EBITDA of $20.1 million in the Q2 2022. Net loss was $9.2 million or $0.23 per share for the quarter versus net income of $12.3 million or $0.31 per share in the year-earlier quarter. The results reflect reduced operating earnings on lower lumber prices and reduced shipments reflecting a curtailment of its Mackenzie sawmill for June.
During the Q2 2023, Conifex Timber incurred a net loss of $9.2 million or $0.23 per share compared to a net loss of $8.1 million or $0.20 per share in the previous quarter and net income of $12.3 million or $0.31 per share in the Q2 2022.
Revenues from lumber products were $19.8 million in the Q2 2023 representing a decrease of 27% from the previous quarter and a decrease of 71% from the Q2 2022. Compared to the previous quarter, lower shipment volumes and softer mill net realizations on lower lumber market prices contributed to the lower revenue. The revenue decrease in the current quarter over the same period in the prior year was largely the result of both weaker benchmark lumber prices and decreased lumber shipments.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. Conifex's lumber products are sold in the United States, Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility at Mackenzie, British Columbia.
