South Africa's Sappi reports 4 pct fall in annual profit

JOHANNESBURG (Reuters) - South African paper and pulp maker Sappi said on Thursday that profit for the full year fell 4.4 percent as a firmer currency dampened profitability in South Africa.

The company, whose Europe and North American operations contribute 51 percent and 25 percent of Sappi's sales respectively, said profit fell to $323 million from $338 million.

Fourth quarter profit was up 4.9 percent while sales rose to $5.8 million.

Sappi's shares were down 0.20 percent by 0731 GMT.

(Reporting by Patricia Aruo; editing by Jason Neely)

2018-11-15 10:03:35

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