The Island’s biggest forest company posted a healthy profit in the first quarter and intends to make a significant investment in its operations.
Western Forest Products had a profit of $27.6 million in the first quarter, up from $23.6 million in the first quarter last year and more than double the profit in the fourth quarter of 2014.
The company noted the strong start to the year was due to increased log shipments and the stronger U.S. dollar.
Western also said it would be spending $30 million in capital improvements at its operations.
According to the company, the investment is designed to increase productivity, reduce production costs and increase margins in timber harvesting operations. “We anticipate these capital investments in our operating platform will advance Western's future profitability and global market competitiveness,” the company said.