Results for the third quarter ended June 2012 in line with expectations despite tough market conditions. Sappi remains focused on debt reduction, chemical cellulose expansion.
As you are aware, Sappi’s business strategy is built on four pillars, namely fixing the underperforming businesses; maintaining the good performance of the other businesses; investing in areas of high growth; as well as careful balance sheet, debt and cash-flow management.
Commenting on the results, Sappi Chief Executive Officer Ralph Boëttger said: “The improving trend in operating performance continued in the quarter, with the European and North American businesses in particular showing good improvement. The group achieved a net profit for the period of US$58 million...
Sappi today announced its appointment as the official recycling partner for the J.P. Morgan Corporate Challenge® to be held on 08 March 2012 at Wanderers, Johannesburg. “We have not only entered the Challenge as a team but we are thrilled to announce that we are the Green Ambassadors for the race,” said Anton van Rooyen, General Manager Sappi Refibre
“Following a year in which various actions and strategies were initiated, primarily involving extensive restructuring charges and asset impairments, the group achieved a profit for the period of US$45 million (Q1 2011 US$37 million) and EPS of 9 US cents (Q1 2011 7 US cents) in the first quarter of the 2012 financial year.
Sappi Limited, the global pulp and paper group, today announced that Mark Thompson, the current Chief Financial Officer, will retire from Sappi in August 2012 having reached the mandatory retirement age of 60.
Sappi continued its improving trend in operating performance for 2011. Sales for the year increased 11%, almost entirely as a result of higher prices in US Dollar terms. Operating profit excluding special items was US$404 million for the year, up 19% compared to 2010.
Operating profit for the quarter was impacted as expected by planned annual maintenance shuts at a number of our major pulp mills and seasonal factors. In addition, weaker than expected demand for coated woodfree paper in Europe resulting from continuing uncertainty in economic conditions unfavourably affected operating profit
Sappi Southern Africa has today announced it will shut down its Adamas paper mill in Port Elizabeth, South Africa. The permanent closure of the mill is expected to be finalised at the end of August.