Delson, Quebec, June 23-- Wood company Goodfellow Inc. reported an 82 per cent increase in quarterly profits Tuesday, helped by the introduction of new import flooring lines, increased exports to Asia and higher margin levels due to a rebound in the Canadian dollar, according to Canada.com.
The Quebec company said Tuesday it earned $5.1 million, or $1.21 per share, for the three months ended May 31. That compared with a profit of $2.8 million, or 66 cents per share, for the same period a year ago. Sales for what was Goodfellow's third quarter were $148.2 million, up from $142.2 million.
"Our team has performed very well to date in fiscal 2004 and we expect our final quarter also to be good, leading to a banner year," said Richard Goodfellow, Goodfellow's president and CEO.
"Beyond that, it is clear that the real estate boom cannot last much longer and the many good years behind us may well lead to a much slower period ahead."
Goodfellow (TSX:GDL) is a distributor of hardwood flooring products and re-manufacturer and distributor of lumber products such as pressure-treated wood.
