Domtar Inc. reported its profit soared 380 percent in the first quarter due to higher paper prices and productivity improvements. Domtar is the largest producer of specialty and fine papers in Canada.
Net earnings jumped to $48.7 million, from last year's C$15 million. Net sales rose 26 percent to C$873 million from C$695 million a year ago, the Montreal-based company said.
Operating profit reached C$138 million compared with C$55 million.
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