South African pulp and paper company Sappi posted a 89 percent fall in third-quarter earnings on Friday due to planned maintenance shutdowns, a mill upgrade and an unfavourably strong U.S. dollar.

The company reported headline earnings of 1 U.S. cent per share for the April-June quarter, down from 9 cents a year earlier.

Headline earnings are the main profit gauge in South Africa and exclude certain one-time and non-trading items.