Despite the challenges from the COVID-19 pandemic, Domtar says it managed to get through 2020 in relatively good shape.
The company is reporting a net loss of $127 million for the 2020 fiscal year, compared to new earnings of $84 million for 2019.
Sales were $3.7 billion.
Senior Vice-President, Chief Financial Officer and Acting Chief Executive Officer Daniel Buron says their team demonstrated resilience by continuously adapting to changing market conditions which led to solid results.
Buron says they were able to stand up in the face of adversity and meet a number of goals that were set at the beginning of the year.
Domtar has also outlined expectations for the 2021 fiscal year.
The company expects short-term pulp markets to gradually improve driven by better demand, maintenance outages and restocking in China.
Paper demand remains uncertain and dependent upon the COVID-19 recovery, specifically with quarantine measures impacting the return to office and school.
Freight costs are expected to be higher and overall material costs are expected to moderately increase.
