Weyerhaeuser gains from buy of Brookfield’s Longview Timber – Reuters

(Reuters) – Timber conglomerate Weyerhaeuser Co‘s first-quarter profit rose 27 percent as its acquisition of Longview Timber began paying off.

Weyerhaeuser bought Longview Timber Holdings from Brookfield Asset Management Inc last June for US$2.65 billion, including assumption of debt.

Net profit rose to US$183 million, or 31 cents per share, in the quarter ended March 31 from US$144 million, or 26 cents per share, a year earlier.

On an adjusted basis, the company earned 26 cents per share.

Revenue rose 1.7 percent to US$1.98 billion.

(Reporting By Shubhankar Chakravorty and Arnab Sen in Bangalore; Editing by Gopakumar Warrier)

(This story has been edited by Kirk Falconer, Editor, peHUB Canada)

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