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Pastimes : John Dessauer's Investors World
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To: Tealby Abbey who wrote (1469)7/31/1998 9:56:00 AM
From: doug5y  Read Replies (1) of 2346
 
FFS in Canada:

Fletcher report big second quarter loss

VANCOUVER (CP) - A long strike at its British Columbia pulp mills was
the main reason Fletcher Challenge Canada had a net loss of $32.5
million in the second quarter.

The company said Tuesday that the loss compared to net earnings of
$140.3 million, or $1.13 per share, for the same quarter a year
earlier. That included net earnings from discontinued operations of
$130.5 million, or $1.05 per share.

Earnings for the year earlier period included the gain on the sale of
the company?s 52 per cent interest in TimberWest Forest Limited of
$135.1 million after tax.

Operations in the quarter were affected by a strike at the company?s
pulp and paper manufacturing facilities. The strike, which began on
July 14, 1997, ended on April 18 following ratification of a new
six-year collective agreement.

The net loss of $32.5 million was an increase from the $23.1 million
net loss from continuing operations in the first quarter of 1998.

The loss in the current quarter reflected costs associated with
settlement of the strike and start-up of operations.

Sales from continuing operations were $83 million in the quarter, down
from $242 million for the same period last year.

The company said North American newsprint demand remained healthy
during the quarter but demand was slower offshore, particularly in
Asia.

The Canadian Press, 1998
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