West Fraser Timber profit up

West Fraser Timber profit up

West Fraser Timber Co. Ltd. says its net profit nearly doubled in the third quarter despite lower lumber and panel prices.

The Vancouver-based forest products company says it earned $238 million during the three months ended Sept. 30, compared with $120 million a year earlier.

Excluding one-time items, adjusted earnings were $275 million or $3.76 per basic share, up from $150 million or $1.93 per share in the prior year.

Revenues were $1.65 billion, up 32 per cent from $1.25 billion.

West Fraser was charged $68 million in countervailing and antidumping lumber duties in the quarter.

The company’s shares closed up $4.17 or 6.52 per cent to $68.14 Tuesday on the Toronto Stock Exchange.

Companies in this story: (TSX:WFT)

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