Advertise with fastmoving.co.za
 
 

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.
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.

Sappi shares wobble after quarterly earnings report

FMCG SUPPLIER NEWS

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 

Read more about: sappi | packaging | jse

Related News

Unilever to halve use of new plastic as uproar over waste grows
10/10/2019 - 10:28
Unilever pledged to halve its use of newly made plastic by 2025 as the consumer-goods industry wrestles with growing criticism of the environmental impact of throwaway packaging.

Fabric softener brand ordered to change name after Sta-Soft complaint
12/09/2019 - 09:01
A local fabric softener brand has been ordered to change its labelling after the advertising regulatory board found that its use of the word "soft" was imitating rival brand Sta-Soft.

Eliminating packaging is a good start - but here's what supermarkets should do to stop harming the planet
26/08/2019 - 15:02
The first key step towards this vision is widening the packaging-free philosophy to all stores of all the major supermarkets, and, crucially, not giving consumers who might resist change the option to stick with the polluting packaged goods that feel so familiar.

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.