On Feb. 4, Montreal-based Resolute Forest Products reported a net loss for the quarter ended December 31 of $52 million (U.S. dollars), or $0.63 per share, compared to a net loss of $71 million, or $0.79 per share, in the same period in 2019.
Sales were $769 million in the quarter, an increase of $101 million from the year-ago period. Excluding special items, the company reported net income of $45 million, or $0.55 per diluted share, compared to a net loss of $53 million, or $0.59 per share, in the fourth quarter of 2019.
Due to the overall decrease in demand for newsprint, mainly attributable to the economic context surrounding the COVID-19 pandemic, the Amos and Baie-Comeau facilities have been temporarily idled since April 2020, said the report.
“The demand for newsprint has not returned,” said CEO Yves Laflamme, according to Inspired Traveler.
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