Fourteen publicly listed BC forest companies reported losses totalling $37 million for the first half of 1996, according to Price Waterhouse. The companies earned $490 million in the same period a year earlier. Aggregate losses would have been some $100 million higher but for an extraordinary sale of investments by MacMillan Bloedel and earnings by the company from non-BC investments.

Reported earnings of $26.8 million in the second quarter held hope for a brighter picture by year end, but were still down sharply from the $268 million in earnings during the second quarter of 1995. Cash flow from operations in the second quarter was $558.9 million, down from $638.9 million for the same period in 1995.

The companies' overall annualized return on assets was -0.8 per cent in the first half of 1996, said Price Waterhouse, compared to a 5.6 per cent return for the same period a year earlier. Annualized return on common shareholders' equity for the period was -2.1 per cent, down from 13.7% a year earlier.