Sappi reports losses for the financial year 2019/2020 due to weak graphic paper and DP businesses

摘要

Sappi Limited joins the ranks of companies whose financial results bear the scars of Covid-19 pandemic. In the financial year 2019/2020 that was concluded on 30 September, consolidated group sales plummeted by 20 per cent to $4.6bn, and operating earnings fell from a $383m profit in the 2018/2019 fiscal year to a loss of $38m in 2019/2020. Under the bottom line, the group posts a net loss of $135m. Worst hit by the pandemic have been the company's largest divisions viz. graphic paper and dissolving pulp (DP), Sappi reports. The divisions suffered from low prices and a significant loss in volumes: Sappi reports deliveries receding year-on-year by 20 and 18 per cent respectively for the fiscal 2019/2020. Deliveries dipped as low as 40 per cent and nearly 30 per cent respectively in the third quarter (April-June 2020).