Norbord is more positive about the global building products market after reporting improved results in 2009, according to chief executive Barrie Shineton.
The Canadian-based panels producer made an overall loss after tax for the year of C$58m, but this compared with C$115m for 2008 and, in terms of earnings before income tax and depreciation (EBITDA) it broke even, after losing C$60m last year.
Sales were C$718m as against C$943m.
Mr Shineton said he was pleased with the progress the company made to “improve its earning potential”.
“As expected, markets for our building material products were weak again as the historic collapse in both US and UK housing activity and the fallout from the global market breakdown continued,” he said. “Against this backdrop, Norbord conserved cash by curtailing production capacity and reducing overheads [which] together with lower key input prices led to our breakeven EBITDA result.”
He said that fragile housing market recovery was now apparent in North America and that Norbord’s UK production facilities should benefit from economic improvement there
“We head into 2010 with our house in order and a more positive building materials outlook, particularly in Europe,” he said.
