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Sappi doubles in third term
By Victor Mallet in Johannesburg
Published: July 31 2000 18:10GMT | Last Updated: July 31 2000 18:12GMT
Sappi, the South Africa-based international pulp and paper group, said on Monday it had doubled earnings per share in the third quarter on the back of rising demand and improved margins.
Earnings before exceptional items rose to 39 US cents per share in the three months to June 30, up from 19 cents in the same quarter last year. In the first nine months of its financial year Sappi's operating profit rose to $473m, from $277m in the same period last year, on sales up from $3.16bn to $3.47bn. Net profit rose from $60m to $234m.
Sappi, regarded by stock market analysts as a possible bid target for UPM-Kymmene of Finland, has seen a near-tripling of its share price over the past 18 months, but the company says it is still undervalued in relation to its international peers in the pulp and paper sector. The shares closed 0.7 per cent higher on Monday at R57.20 in Johannesburg.
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