Pandemic Has Positive Impact On Taiga Earnings

Consolidated net sales for Taiga Building Products Ltd. were $612.7 million for the three months ended March 31, compared to $535.9 million over the same period last year. The increase in sales by $76.8 million or 14 per cent was largely due to increased selling prices for commodity products. Net earnings for the quarter increased to $39.5 million from $29.2 million over the same period last year primarily due to increased gross margin. It says the pandemic had a positive impact on its business and financial performance in the first quarter of fiscal 2022. This is a direct result of the increased demand for detached housing, high commodity prices, and low borrowing rates experienced during the period. However, commodity prices have been volatile at times during the pandemic including a drastic decline in the third quarter of fiscal year 2021 although prices did recover in the subsequent quarter.