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Big guns lose in 1Q09: PwC report
According to Vancouver, BC-based Pricewaterhouse - Cooper's (PwC) May issue of its quarterly Net Earnings Summary, the net earnings of 14 of the largest Canadian forest products companies deteriorated by $C91 million during 1Q09 to a total of $C480 million compared to 1Q08. The Canadian dollar decreased against the US dollar by 2.6% over 4Q08 but the lower Canadian dollar was not enough to offset the reduction in sales volumes and prices experienced by Canadian producers. Losses of $C314 million incurred by Western Canadian companies for 1Q09 were comparable to losses in the same period in 2008. Performance of Eastern Canadian companies dropped a further $C89 million to a loss of $C166 million compared to 1Q08. By comparison, 10 of the largest public US-based forest and paper companies posted cumulative losses of $US63 million in 1Q09, down $US429 million from earnings of $US366 million in the same period of 2008. PwC's Net Earnings Summary provides a regional overview of the financial performance of some the world's largest publicly-traded forest products companies. |
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