One of Richmond's major employers has reported a second quarter net loss, which is nearly four times the size of its first-quarter drop.
Catalyst Paper made the announcement last week, blaming downtime and a strong Canadian dollar for the decline.
Catalyst, a pulp and paper manufacturer, reported a net loss of $47.4 million, or 13 cents a common share, compared with a net loss of $368.4 million, or 96 cents a common share, in the second quarter of 2010.
Catalyst's net loss in the first quarter was $12.9 million, or three cents a common share.
Revenue for the quarter was $297.8 million, a decline from the $299.4 million in sales in the year-ago quarter, and down from sales of $303.6 million in the first quarter.
Before restructuring costs, and before interest, taxes, depreciation, amortization, the earnings loss in the second quarter was $3.9 million, the company said.
"We took steps to address mill productivity and to strengthen our order book in the face of very challenging currency and market conditions," said president and CEO Kevin J. Clarke.
