Western Forest Products reports lower Q4 net income

VANCOUVER – Western Forest Products Inc. (TSX:WEF) is reporting net income for the fourth quarter of $12.9 million, or three cents a share.

The Vancouver-based company says that was down from $49.9 million, or 13 cents a share, in the same period a year ago.

Revenue was $232.6 million, down from $242 million in the year ago quarter, due to lower log sales volumes and weaker log export pricing.

Western says it benefited from the weaker Canadian dollar, as well as gradual improvement in U.S. new home construction starts and the continued strength of the U.S. repair and renovation markets.

But the company says those factors were more than offset by a weak market in China for logs and commodity lumber, and reduced lumber demand from Japan.

For the year, Western reported net income of $68.4 million, down from $125.4 million the previous year.