Vancouver Bc Veneers

West Fraser targets more China sales

Lumber producer West Fraser Timber Co. Ltd. is eager to boost its wood sales to China after coming off the highest export shipments in the company’s history.

The Vancouver-based forestry company said Friday it set a record in the second quarter by shipping more than 30 per cent of its Canadian production to China and Japan.

Soaring demand from China was accompanied by stable sales to Japan.

The increased exports helped to offset the weakness in the U.S. housing market, which is expected to continue to pressure lumber prices this year.

The soft housing sector in the United States — West Fraser’s traditional export market — contributed to a sharp drop in profits and a seven per cent decline in sales in the latest quarter.

Chief executive Hank Ketcham told analysts Friday that he doesn’t see a recovery in the key American market in the near term but expects Chinese consumption of Canadian wood will continue to grow as its economy develops.

“We’re excited about this growing market and West Fraser will continue to devote all necessary resources to expand our business in China and throughout Asia,” he said during a conference call.

After markets closed Thursday, West Fraser reported earnings that failed to meet expectations in the second-quarter as net profit plummeted to $10 million from $67 million a year earlier.

It lost nine cents per diluted share for the three months ended June 30. That compared to a profit of $1.27 per share in the second quarter of 2010.

Sales shrank nearly seven per cent to $720 million from $772 million.

Analysts had expected the company to earn 56 cents per share in the period.

Pierre Lacroix of Desjardins Capital Markets said the results were disappointing.

“(West Fraser is) not out of the woods as environment suggests caution in the second half of 2011,” he wrote in a report.

Adjusted pre-tax operating earnings (EBITDA) were $48 million, well below the consensus of $79 million.

West Fraser was hurt by sharp declines in lumber prices combined with a 17 per cent increase in Canadian log costs and a stronger Canadian dollar.

During the quarter, the company lost a little more than a week of production at its veneer plant and pulp mill in Slave Lake after a devastating forest fire destroyed much of the Alberta town.

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