Home News Financial News Sappi first quarter results in line with expectation; growth projects on track to deliver significant increase in earnings as from end of 2018 financial year

Sappi first quarter results in line with expectation; growth projects on track to deliver significant increase in earnings as from end of 2018 financial year

Financial summary for the quarter

  • EBITDA excluding special items US$172 million (Q1 FY17 like-for-like US$181 million)
  • Profit for the period US$63 million (Q1 FY17 US$90 million)
  • EPS excluding special items 14 US cents (Q1 FY17 16 US cents)
  • Net debt US$1,349 million (Q1 FY17 US$1,338 million)

An additional accounting week occurred last year which increased the comparative period reported EBITDA by US$20 million. A non-cash income statement charge of US$19 million was taken relating to our deferred tax asset in the Unites States following that country's lowering of their corporate income tax rate. However, going forward this will be positive and contribute to increased earnings.

Commenting on the result, Sappi Chief Executive Officer Steve Binnie said: "Our performance for this quarter was in line with our expectations. We continue to work hard to mitigate increased input costs and the impact of a stronger Rand/Dollar exchange rate. We will begin to see the benefits of selling price increases during the rest of the financial year."

View complete report

Source: Sappi

 
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