Sappi shows a recovery in results for first financial quarter 2021
News provided by
Share this article
Share this article
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