GreenFirst Forest Products reports Q1, 2023 loss

By GreenFrist Forest Products Inc.
May 15, 2023
Category: Finance & Economics
Region: Canada, Canada East

TORONTO — GreenFirst Forest Products announced results for the first quarter ended April 1, 2023. First quarter 2023 net loss from continuing operations was $20.2 million compared to net loss of $25.9 million in the fourth quarter of 2022. Lumber prices dropped, reflecting economic headwinds and lower demand in Q1 2023, with an average selling price of $605/mfbm compared to $644/mfbm in Q4 2022. …Sold its two Quebec mills for gross proceeds of $94.1 million, subject to working capital adjustments, at a $3.5 million loss on disposal. …”We have strengthened our balance sheet and our recent efforts to improve operational efficiencies have begun to yield positive results,” said Paul Rivett, interim CEO. 

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