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Conifex sees increased losses and lower production in Q2

Posted on August 26, 2024 |

Conifex Timber reported a net loss of $9.7 million ($0.24 per share) for Q2 2024, up from $4.5 million in the previous quarter and $9.2 million in the same quarter last year.

Lumber production fell to 34 million board feet due to a two-week production halt and fewer log deliveries. Shipments dropped 13% from the last quarter but increased 24% from the previous year.

Revenue from lumber products decreased 15% compared to the previous quarter but rose 33% year-over-year.

Bioenergy sales dropped to 38 GWh from 56 GWh in the last quarter, with power generation revenue falling to $4.5 million.

Selling, general, and administrative expenses were reduced to $1.9 million, while finance costs increased to $2.8 million due to repaying the Wells Fargo Facility.

Total debt rose to $73.8 million, but liquidity improved to $13.4 million.

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