The company blamed substantially lower OSB prices, down a third since 2005, itself an effect of the depressed US housing market. Fourth quarter figures were hit by the stronger Canadian dollar and inventory writedowns.
Total sales were a down a third or C$421m for the year with earnings before exceptional items down C$314.4m on 2005 to C$49.3m.
The company said it expected the housing slowdown to continue and was focusing on reducing costs and on added-value products.
A net loss of C$78m was posted in the final quarter, compared with a profit of C$20m in 2005, and losses of C$108m for the year, compared with a C$153m in 2005.
