The segment generated an EBITDA loss of C$1.5m on sales of C$253.6m, compared with a positive EBITDA of C$0.1m and sales of C$271.1m in the previous quarter.
During the quarter, the Canadian and US governments finalised the agreement to govern the flow of Canadian softwood lumber into the US. As part of the agreement, the company received C$242m in duty refunds.
Commenting on future prospects, the company said timber markets had softened due to lower housing demand in the US, while the softwood timber agreement had “replenished the company’s liquidity”.
Overall, company sales rose from C$816.8m in the previous quarter to C$863m, resulting in EBITDA of C$30.2m up from C$21.2m in the previous quarter.
