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Conifex reaps $26.1 million in second quarter

Record-high lumber prices behind outcome, company says
(via Conifex)

Lumber producer Conifex recorded $26.1 million in net income for the second quarter of this year.

The outcome marks a major swing from the $3-million loss for the same period in 2020 and boosts year-to-date net income to $30.6 million.

"The results reflect record-high lumber prices, increased shipments with the easing of railcar supply challenges and strong results at our power plant," the company said in a news release.

Conifex operates a sawmill and a power plant in Mackenzie.

With the price of lumber peaking at US $1,630 per 1,000 board feet in June, sales of Conifex produced lumber yielded $80.1 million in revenue compared to $4.7 million for the second quarter of 2020. Revenue from the power plant held steady at $4.7 million.

The results are similar to those reported by Canfor, which saw its year-to-date adjusted net earnings exceed $1 billion, and West Fraser, which recorded nearly $1.5 billion in earnings.