Sappi says first-quarter results are in line with expectations and growth projects are on track to deliver a significant increase in earnings from the end of the 2018 financial year. Earnings before interest, tax, depreciation and amortisation (ebitda) were similar to the first quarter in financial 2017 — excluding special items — at $172m from $181m previously. But profit for the period to December plunged to $63m from $90m in the earlier period. This meant earnings per share of $0.14, excluding special items, fell from 16c in the same quarter previously. Net debt crept up to $1.35bn from $1.34bn in 2017. The maker of fine paper, packaging and dissolving wood pulp — also known as specialised cellulose — said there was an additional accounting week in 2017, which increased the ebitda reported in the comparative period by $20m. The share price fell 3.21% to close at R81.74 on Wednesday. Specialised cellulose is used to make textiles and has helped Sappi beat a slump in global adverti...
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