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AbitibiBowater loses US$248M on sales of $1.7B in 1st full post-merger quarter |
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Written by THE CANADIAN PRESS
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Sunday, 11 May 2008 |
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MONTREAL - Paper and forestry company AbitibiBowater Inc. (TSX:ABH) reported Thuesday a US$248-million loss in the first quarter on sales of $1.7 billion.
The net loss, worth $4.32 per share, is not directly comparable with year-ago pre-merger results for Bowater Inc. and Abitibi-Consolidated Inc. Bowater itself lost $35 million, $1.19 per share, on sales of $772 million in the same period last year.
Excluding one-time non-operating items, AbitibiBowater said it lost US$215 million or $3.74 per share in its first full quarter, characterized by CEO David Paterson as a period of "important progress."
Included in the loss were one-time items of $44 million gain relating to foreign currency changes, a $16 million gain on asset sales, a $17 million loss related to asset closures and severance and a $76 million charge related to tax adjustments.
"We set out with a disciplined approach and a commitment to deliver sustainable long-term value," Paterson said in a statement.
"Our (earnings before income tax, depreciaton and amortization) improvement, this quarter over the fourth quarter of last year, is an important step in positioning the Company as the industry's great turnaround story."
The combined company said it expects to see improvements in quarter-over-quarter profitability "based on stronger business fundamentals, announced price increases, operating efficiencies and synergies."
The company did not announce any paper mill closures or idlings aside from the already shuttered Mackenzie and Donnacona paper mills in British Columbia and Quebec.
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Last Updated ( Wednesday, 08 October 2008 )
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