February 8, 2017 / 6:07 AM / 3 years ago

BRIEF-Sappi Ltd says Q1 profit rises to $90 million

Feb 8 (Reuters) - Sappi Limited:

* Q1 ebitda excluding special items us$201 million (q1 2016 us$175 million)

* Profit for period us$90 million (q1 2016 us$75 million)

* Q1 eps excluding special items 16 us cents (q1 2016 13 us cents)

* Net debt us$1,338 million, down us$396 million year-on-year

* Profit for comparative period increased from us$75 million to us$90 million

* Tax payments of us$34 million were higher than last year as a result of increased taxable income in south africa.

* Q1 sales at $1,309 million versus $1,284 million

* Demand for dwp remains favourable and pricing has recovered during january.

* In north america we will be investing approximately us$165 million to convert pm1 at Somerset mill

* Capital expenditure in 2017 is expected to be approximately us$350 millio

* Expect to reduce net debt levels further during course of 2017 and it remains our intention to repay maturing 2017 bonds from current liquidity sources Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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