MONTREAL – Forest products company Tembec Inc. capped its fiscal year by swinging to a $12-million profit in its fourth quarter on higher revenues.
The Quebec-based company said it earned 12 cents per share for the three months ended Sept. 24, compared to a loss of $32 million or 32 cents per share a year earlier.
Revenues increased 4.3 per cent to $389 million.
Tembec (TSX:TMB) attributed the improved performance in all of its business segments in the quarter to the absence of major maintenance costs and a one per cent decrease in the value of the loonie compared to the U.S. dollar.
For the full year, Tembec earned $20 million on $1.5 billion of revenues. That compared to a $150-million loss on $1.4 billion in sales in 2015 when it took an $81 million non-cash loss related to the translation of U.S. dollar denominated debt.
Tembec manufactures forest products including lumber and paper pulp. It has operations in North America and France, and employs around 3,000 workers.