Sappi falls after lower profit

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Paper REUTERS Rolls of paper are seen at the Favini paper plant in Rossano Veneto, near Vicenza northern Italy January 22, 2010. REUTERS/Alessandro Garofalo (ITALY - Tags: ENVIRONMENT)

Johannesburg - Shares of Sappi fall more than 4 percent after the paper and pulp producer reports a drop in first-quarter profit due to lower selling prices.

Sappi says its diluted headline earnings per share for the quarter to the end of December fell nearly 63 percent year-on-year to 3 US cents.

The company says it expects market conditions to remain tough.

The shares are down 4.03 percent to 29.52 rand. - Reuters


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