Sappi shares wobble after quarterly earnings report
By Andries Mahlangu - Aug 3rd, 13:45
Sappi shares wobbled in early trade on the JSE, losing 2%, after the paper and pulp producer forecast lower operating performance in its fourth quarter. It cited higher prices for raw materials and a stronger rand.
Excluding special items, earnings per share held steady at 11 US cents in the three months to June, from a year-earlier period, the company said in a statement on Thursday.
CEO Steve Binnie said in a statement that the period under review was seasonally and historically its weakest quarter due to the slowdown in business activity during the northern hemisphere summer holiday period.
Higher raw material prices and a stronger rand also offset higher volumes, leaving operating profit excluding special items down to $93m for the quarter, from $97m in the matching period in 2016.
But the company was able to reduce net debt 17% to $1.31bn and repaid $400m in bonds from cash reserves, which it said would generate savings of about $21m per year on net interest charge.© BusinessLIVE MMXVII
Analysts predict some upside for Richemont
15/08/2017 - 08:43
As the JSE flirts with new highs, analysts are divided as to whether one of its top performers, Richemont, can continue to support the market into the last quarter of 2017.
Steinhoff could get stake in Shoprite in new setup
07/08/2017 - 09:44
Steinhoff's African assets will list separately on the JSE by the end of next month in a deal that may also result in Steinhoff acquiring a 22.7% stake in Shoprite.
Dis-Chem succession 'in works'
31/07/2017 - 09:28
Before taking a family picture at the Dis-Chem AGM on Friday, Lynette Saltzman fixed her son Saul's collar. He is the 36-year-old group executive of the pharmaceutical retailer Dis-Chem, and has been punted as the next CEO as the family talks succession planning.
Marks & Spencer reduces snack food packaging
19/07/2017 - 10:59
UK retailer Marks & Spencer is cutting the amount of packaging used for its snack products such as crisps and popcorn by reducing the pocket of air at the top of the bag.
Mondi introduces packaging solution for watermelons
17/07/2017 - 15:14
Packaging and paper group Mondi has launched a new packaging solution for watermelon transportation and storage, which will enhance product appearance at the point of sale.