SAPPI POSTS STRONG RESULTS

PAPER and pulp giant Sappi announced a significant improvement in earnings in the third quarter to June 30 over both the second quarter and the comparative nine-month period last year on Tuesday. Sappi said the improvement comes after an upturn in the prices of paper products. Headline earnings per share(EPS) of 19 US cents were well up on last year’s third quarter –two US cents — and the 49 US cents EPS for the nine months showed a 26% improvement over the same period last year. Consolidated sales in dollar terms were marginally higher despite the strengthening of the dollar against the euro and the rand.