July-September Net Income Was C$7.6 Million

Nov 10 (Reuters) - Western Forest Products posted a rise in its third-quarter profit on improved demand for the Canadian company's lumber and log products. July-September net income was C$7.6 million, or 2 Canadian cents a share, up from C$2.1 million, or breakeven per share, a year ago. Sales rose a third to C$233.5 million. The Vancouver, British Columbia-based company, however, said it was cautious of a weak housing market in the United States and a slowing economy in China. The Chinese government restricted access to credit, which slowed demand growth and led to higher inventory levels and weakening of prices, Western Forest said in a statement. "However, in the medium term, China continues to present an opportunity for Western to improve selling prices of low grade lumber and absorb volume that would otherwise be sold in a weak North American market, " it added. Source: reuters.com