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News from Reuters

Tembec fiscal 4th-quarter loss widens

18/11/09

TORONTO (Reuters) - Canadian forest products company Tembec Inc said on Wednesday its fiscal fourth-quarter loss widened, as sales continued to decline and all three of its main business segments posted operating losses.

Montreal-based Tembec said its net loss for the quarter ended September 26 was C$17 million, or 17 Canadian cents a share, compared with a year-earlier loss of C$4 million, or 4 Canadian cents a share.

The company's results were hurt by operating losses in its forest products, pulp and paper businesses. Quarterly sales fell almost 30 percent to C$451 million.

The strengthening Canadian dollar, the deterioration in newsprint markets and weak lumber markets all combined to hurt results, the company said.

(Reporting by Euan Rocha, editing by Gerald E. McCormick)

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