Picture: Reuters.

Johannesburg - Shares in Sappi extend losses, falling more than 4 percent, after low prices hurt the company's first-quarter profit.

The South African paper and pulp producer said on Wednesday 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.

Sappi shares, which fell to nearly 6 percent on Wednesday, were down 4.14 percent at 27.80 rand. - Reuters