Loading...
See More

Sappi third-quarter loss widens

Aug 03 2012 10:08 Reuters

Company Data

SAPPI LIMITED [JSE:SAP]

Last traded 0
Change 1,15
% Change 0
Cumulative volume 2140307
Market cap 23.55bn

Last Updated: 21-11-2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Sappi prices $700m notes offering

Sappi bumps up second-quarter profit

Sappi earnings tick up, sees better Q2

Sappi may cut jobs in restructuring

Sappi slumps on weak demand

Sappi puts debt cut before investment

 

Johannesburg - South African paper maker Sappi [JSE:SAP] said on Friday its third-quarter loss widened by 54%, hit by slow demand and planned annual maintenance shutdowns, and the company expected market conditions to remain tough.

Sappi, the world’s largest maker of fine paper used in glossy magazines, said diluted headline loss per share for the quarter to end-June totaled 20 US cents, compared with a loss of 13 US cents a year earlier.

The company said operating profit, excluding special items, was steady at $60m from the same period last year

The global paper industry is struggling to recover from a slump caused by sluggish demand and overcapacity and Sappi said market conditions would remain tough.

“Trading conditions are expected to be weaker than a year ago, with lower volumes for most of our products and pricing, particularly for pulp, to remain under pressure,” it said in a statement.

Sappi has said chemical cellulose, which it produces from its own woods for conversion into raw materials for clothing, plastics, food and pharmaceutical products, is one of the higher-margin businesses it plans to expand on.

The company, which is also the world’s top producer of chemical cellulose, is currently investing a total of about $500 million to boost its total capacity to more than 1.3 million tonnes a year by 2013.

Sappi shares were down 1.65% to R24.00 as of 07:28 GMT.

Sappi shares were down 1.23% to R24.10 on Friday morning.

 
sappi
NEXT ON FIN24X

PPC plays board games

2014-11-23 17:28

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

BMW drift battle: M235i vs. speedway bike

Watch this insane drift contest with four-times dirt-track World champion Karl Maier riding a speedway bike against a BMW M235i.

 
 

Men24.com

Want to start talking dirty?
Everyday struggles of naturally skinny guys
And this year's Miss Bumbum title goes to...
How to maintain your mo, bro

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...