Acadian Timber profits rise in Q1

VANCOUVER ― Acadian Timber Corp. reported Q1 sales of $30.9 million, compared to $32.9 million in the same period the prior year. The company benefited from strong seasonal demand, but felt the effect of adverse weather conditions during the quarter resulting in a 7% decrease in log sales volumes and a 20% decrease in ancillary revenues, primarily related to timber services. Those impacts were partially offset by a 4% increase in the weighted average log selling price. Net income of $6.2 million, or $0.37 per share, was $4.2 million higher than $2 million, or $0.12 per share in Q1 2018. The difference was attributed primarily to an unrealized foreign exchange revaluation gain on U.S. dollar denominated debt.