Domtar announced its financial results for the second quarter of 2010. It reflects a net profit of $ 31 million compared to $ 58 million for the first quarter.
This decline in earnings for Domtar is primarily attributed to a loss on the sale of its timber worth $ 50 million . It also includes costs for the acquisition of part of the company’s long- term debt and a charge of $14 million related to the loss and write down of fixed assets and closure costs and reorganization of $5 million .
“We continue to effectively carry out our task to produce solid financial results , “said President and CEO at Domtar, John D. Williams in a release . I am pleased that these efforts, combined with our successful bid to repurchase a portion of the long-term debt have been recognized by rating agencies.”
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Indeed, with the exception of items listed above , the company recorded earnings of $ 116 million . The action is therefore amounted to $ 2.67 versus $ 1.59 for the first quarter of 2010 . The rating agencies have therefore recognized the efforts of Domtar to improve their situation.
According to the company’s forecasts , shipments of paper should remain stable during the third quarter. They are expected to decline late in the quarter because of seasonal factors.