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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
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.”