Ainsworth Lumber reports second-quarter profit on big gain on foreign exchange

By The Canadian Press

VANCOUVER, B.C. - Ainsworth Lumber Co. Ltd. (TSX: ANS.TO) said Wednesday that it earned a profit in its most recent quarter, boosted by a gain on foreign exchange related to its long-term debt.

The lumber company said it earned $24.7 million or 25 cents per share for the quarter ended June 30 compared with a loss of $34.2 million or $2.33 per share a year ago.

The results included a $50.4-million gain on foreign exchange in the quarter compared with a $6.8-million gain in the second quarter of 2008.

Ainsworth reported an operating loss of $19.1 million compared with an operating profit of $900,000 a year ago.

Sales totalled $81 million, down from $97.2 million.

Shares in the company, which reported its results after the close of markets, were up 10 cents at $1.15 on the Toronto Stock Exchange on Wednesday.