Storage towers at Sappi’s Ngodwana wood mill in Mpumalanga. Picture: BLOOMBERGmanufacturer of dissolving wood pulp said low prices for its products had resulted in a decision to temporarily halt dividends.
In an update for the quarter to end-September, the company’s fourth, Sappi said it would temporarily halt dividends until markets improve. It said profits declined by half compared to the same quarter in 2018. Profit for the year to end-September is expected to decline by more than a third, while headline earnings per share is expected to fall 29% to 42 dollar cents.
Dissolving wood products pricing remained under pressure, having declined to historic lows of $638/ton at the time of the report, Sappi said.“We believe that current pricing is below the cash cost of production for a significant proportion of global supply and is therefore unsustainable over any prolonged period,” the company said.
مصر أحدث الأخبار, مصر عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Indluplace points to municipal rates hikes for pressure on earningsResidential property specialist sees its dividend shrink by a 20% in year to September
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »
MARKET WRAP: JSE tracks firmer global markets as investors await Trump speechMarkets really do seem to be trading as if in limbo, according to one analyst
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »
مصدر: SABC News Online - 🏆 32. / 51 اقرأ أكثر »