Sappi executive chairman Eugene Van As said the coated woodfree market was one of the worst sectors to be in as he announced a 41% fall in net profits to 38m ($55m) for the third quarter.
Group sales dropped 15% to 560m, while in Europe they fell to 281m due to weak demand for coated woodfree paper. This hit operating profits, which fell 61% to 18m.
Van As said Sappi was not averse to participating in the consolidation within the industry, but only when it could be certain of significant market gains.
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