Pulp and paper company Sappi has posted a $40m net loss in the fourth quarter (Q4) of financial year 2023 (FY23), compared to net income of $26m in the same period last year.

In the quarter, the company’s reported earnings before interest, taxes, depreciation, and amortisation (EBITDA), excluding special items, stood at $168m, compared to $391m reported in the same period a year ago.

Its earnings per share (EPS), excluding special items, for the period was $0.06, compared to $0.52 during the same period last year.

Sappi reported a full-year 2023 profit of $259m, compared to $536m the previous year.

The company’s full-year EBITDA, excluding special items, for FY23 was $731m, versus $1.33bn last year.

The full-year EPS excluding special items was listed as $0.52.

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In FY23, the company’s net debt decreased to $1.08bn, from $1.16bn reported in the previous year.

Sappi CEO Steve Binnie said: “Following the records achieved in FY22, I am pleased that we have been able to deliver a satisfactory set of results under particularly difficult circumstances with an EBITDA excluding special items of $731m for the year ended September 2023.

“The widespread disruption caused by ongoing geopolitical instability, weak global economic growth, rising interest rates, and an underperforming Chinese economy negatively impacted markets for our products.

“Despite 2023 being one of the most challenging downcycles experienced in the pulp and paper industry, with demand for our paper products falling below that of the Covid-19 pandemic years, we achieved some significant milestones.”