Weyerhaeuser posts US$1.2bn 4Q loss

Weyerhaeuser has reported a US$1.21bn loss for the fourth quarter of 2008. Company ceo Dan Fulton said the result, which includes a US$827m goodwill impairment charge, reflects the “speed and severity of the deterioration of market conditions”.
Weyerhaeuser’s net loss for the whole year was US1.17bn from continuing sales of US$8bn. This compares with net profits of US$790m and sales of US$10.8bn in 2007.
The wood products division made a loss of US$960m during the fourth quarter, mainly due to a US$733m goodwill impairment charge.