Sappi shares wobble after quarterly earnings report
By Andries Mahlangu - Aug 3rd 2017, 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
Lidl introduces reusable fruit and veg bags
15/08/2019 - 11:29
The ‘Green Bags’, priced at 69p for two, provide customers with a reusable alternative to single-use, small fruit, and vegetable bags.
Nestlé Waters teams up with Ocean Legacy for plastic waste clean-up
11/07/2019 - 09:44
Nestlé’s bottled water division Nestlé Waters, owner of Perrier and Vittel, says it will team up with Canada’s Ocean Legacy Foundation to help to clean up plastic pollution.
PepsiCo's decision to sell smaller cans pays off
10/07/2019 - 08:19
Beverage sales rise as new packaging strategy helps company attract more consumers.
Truworths falls 6% on JSE after restructure call
03/07/2019 - 15:32
Truworths fell more than 6 percent on the JSE after it told investors that it had approached lenders to embark on steps to restructure the R801 million debt of its UK-based Office shoe brand, whose operational performance has continued to deteriorate.
Pick n Pay trials nude fruit and vegetable wall
01/07/2019 - 11:23
Pick n Pay has launched a ‘nude’ fruit and vegetable produce wall – a dedicated plastic and packaging-free zone in 13 stores across the country as part of a trial to measure customers’ readiness to switch from pre-packaged food to loose products.