CanWel Holdings Corp. tumbled to a loss in the fourth quarter as the building products supplier continued to feel a pinch from the economic downturn and booked a one-time charge partly related to an acquisition.
The Vancouver-based company, which converted into a corporation from an income trust last month, reported a loss of $199,000 in the three months ended Dec. 31. That compared with profit of $2.5-million a year earlier.
The results were affected by a $1.9-million charge for converting into a corporation and acquiring Broadleaf Logistics Co.
Revenue was down to $140.2-million from $165.5-million in the quarter.
The results were also affected by the economic slowdown across the country, as CanWel contended with already weakened prices for lumber and panel profits, it said.
"We are looking forward to a better year ahead of us with the addition of Broadleaf to the CanWel family," said chairman and CEO Amar Doman in a release.
For the full year, CanWel reported weaker $13.8-million profit from $16.9-million in 2008. Revenue was $650-million compared to $804-million.
CanWel also noted that it plans to rename itself as CanWel Building Materials Group Ltd. after the company's annual meeting in May.