By: (AP) Bowater Inc. said Tuesday that continuing weakness in the newsprint market led to a second-quarter loss of $53.7 million.
The loss, equal to 95 cents a share, compared with earnings of $18.6 million, or 36 cents a share, for the same period in 2001.
The nation's second-largest newsprint maker said it has cut production of newsprint and plans to raise prices $50 a metric ton starting Aug. 1. Bowater said it also plans additional reductions in production in the third quarter.
The 2002 results included a $12.6 million loss, or 22 cents a share, from foreign currency exchanges.
For the first six months of 2002, Bowater reported a loss of $43.5 million, or 77 cents a share, compared with earnings of $56.3 million, or $1.08 a share, for the same period in 2001.
Bowater shares were lower in early trading on the New York Stock Exchange at $46.27, down $2.13 a share.
Comments
No comments on this item Please log in to comment by clicking here