GreenFirst focuses on Ontario assets as sales decline

GreenFirst Forest Products Inc. had net sales of $99.1 million for the first quarter of 2023, a decline over net sales of $119.7 million in the first quarter of 2022. Forest product sales were $61.3 million compared to $105 million. The decline was primarily due to declining lumber prices reflecting economic headwinds and lower demand. The company had a net loss of $18.4 million for the first quarter, compared to net earnings of $35.3 million in the year-ago period. GreenFirst sold its two Quebec mills in the quarter to focus on optimizing its core assets in Ontario.