Sappi Limited Q3 Loss Narrows - Quick Facts

(RTTNews) - Sappi Limited (SPP) Friday reported a narrower loss for the third quarter, but sales declined from last year, reflecting lower demand in Europe and North America.

The company's loss for the third quarter narrowed to $42 million from $106 million during the same quarter last year. The company said that this year's results included a charge of $11 million related to plantation price fair value adjustment and a charge of $4 million with regard to the plantation fire damage in South Africa.

Operating loss for the quarter was $11 million compared with operating profit of $34 million reported a year ago.

Due to weak European market conditions, lower demands and planned maintenance shuts at various mills, the company's operating profit, excluding special items, fell to $8 million from prior year's $60 million.

Sales for the three-month period decreased to $1.4 billion,from $1.5 billion during the same period last year.

Looking forward, the company said, "...The coated woodfree paper machine conversion project at Alfeld Mill, which will increase our speciality paper production, remains on track for start-up during the first financial quarter of 2014..."