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Sappi Q3 profits fall on maintenance shutdowns

Strong US dollar also hurts the company’s earnings.

South African pulp and paper company Sappi posted a 89% fall in third-quarter earnings on Friday due to planned maintenance shutdowns, a mill upgrade and an unfavourably strong US dollar.

The company reported headline earnings of 1 US cent per share for the April-June quarter, down from 9 cents a year earlier.

Headline earnings are the main profit gauge in South Africa and exclude certain one-time and non-trading items.

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