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Sappi Falls To 2Q Loss On Demand Drop

Stock quotes in this article: SAP  

NEW YORK (AP) — Coated paper company Sappi Ltd. reported a second-quarter loss Tuesday, saying a sharp drop in demand for its paper used in magazines forced it to extensively cut back on production in its major markets.

The South African company reported a loss of $35 million, or 7 cents per share, compared with a profit of $155 million, or 43 cents per share, in the year-ago quarter. Sales fell 11 percent to $1.3 billion.

Analysts polled by Thomson Reuters were expecting a loss of 6 cents per share on revenue of $1.24 billion. ...

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