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Sappi returns to profitability in third financial quarter 2021
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Sappi returns to profitability in third financial quarter 2021
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Sappi continues recovery in results for second financial quarter 2021
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JOHANNESBURG, May 6, 2021 /PRNewswire/ Commenting on the group s results, Sappi Chief Executive Officer Steve Binnie said: I am pleased with the steady recovery from the ongoing challenges of the Covid-19 pandemic. EBITDA continued to improve quarter-on-quarter from a low of US$26m in our third quarter of 2020 through US$98m in the previous quarter to US$112 for the current quarter, with further improvement expected for our third quarter.
He continued: The North American and South African regions recorded strong improvements in profitability. This was in contrast to Europe where extended lockdowns and restrictions on economic activity hindered the performance. Covid-19 also severely affected global shipping and container availability, which impacted sales volumes in a number of product categories.
Sappi shows a recovery in results for first financial quarter 2021
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JOHANNESBURG, Feb. 3, 2021 /PRNewswire/ Commenting on the group s results, Sappi Chief Executive Officer Steve Binnie said: I am pleased with the continued recovery in our results over the past nine months. EBITDA improved progressively from a low of US$26m in our third quarter of 2020 due to the impact of Covid-19 to US$98m for the first quarter of our 2021 financial year. I am confident that our recovery is on track despite the ongoing negative affect from Covid-19.
He continued: As a group we outperformed the guidance provided at the end of the last quarter with profitability across all reporting segments exceeding expectations. During the quarter, the global surge of Covid-19 infections and the related employee absenteeism put all of our operations under pressure. In spite of the unprecedented obstacles that have arisen as a result of the pandemic an