Bell Potter

Divisional EBITDA: Tissue - EBITDA down 9.1% to $27.9m, margin down 120 bps to 13.5%; Personal Care – EBITDA down 11.2% to $30.9m, and margin steady to 35.3% | High inventory: Inventory days increased 16 days to 171 days | The share repurchase is extended beyond 1st October 2016 to enable buyback of the earlier of 17 million shares or the remaining quota of $26 million.


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