Richmond-based Catalyst Paper (TSX:CTL) posted a net loss of $12.9 million on sales of $303.6 million in 2011's first quarter.
In 2010’s last quarter, Catalyst recorded net earnings of $9.6 million on sales of $333.6 million.
The statement, released yesterday, noted that the loss reflected a post-holiday season plateau in paper markets. Additionally, sales revenue was negatively affected by the strong Canadian dollar.
Catalyst president and CEO Kevin Clarke said: “Despite the normal seasonal slump in this early part of the year, quarter-to-quarter prices improved for most paper grades, and pulp markets were strong after a brief falter in late 2010.
“It wasn't enough to balance the impact of an above-par Canadian dollar and inflationary cost pressures on our [first quarter] results. However, our order book is strong as we head into the second quarter and we continue to look to grow share in our key product lines in the balance of the year.
“On the operations side, full mill shutdowns for planned maintenance at our Powell River and Snowflake mills will have an impact on our production volumes in the second quarter.”
Production was halted earlier this month at the company’s Snowflake Mill. (See “Catalyst to curtail production at Arizona mill” – BIV Business Today, April 15, 2011.)