February 7, 2018 / 6:44 AM / 18 days ago

South Africa's Sappi posts 30 pct drop in Q1 profit

JOHANNESBURG, Feb 7 (Reuters) - South African pulp and paper maker Sappi reported on Wednesday a 30 percent drop in first-quarter profit due to charges and an extra week last year, while sales increased slightly.

Sappi, which sees 50 percent of its sales in Europe and 26 percent in North America, said profit in the quarter ended December fell to $63 million from $90 million in the same period last year.

Sales rose to $1.33 billion from $1.30 billion.

“Profit for the period decreased.. as a result of the extra week last year and a $19 million non-cash income statement charge following the lowering of the corporate income tax rate in the United States and its impact on the deferred tax asset,” the firm said in a statement. (Reporting by Nqobile Dludla; Editing by Subhranshu Sahu)

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