16 November 2010 10:18 [Source: ICIS news]
LONDON (ICIS)--Lenzing’s net profit during the first nine months of the year surged more than four-fold to €128.0m ($173m), compared with €30.6m in the same period last year, as a result of strong growth in sales from its cellulose fibres business, the Austria-based company said on Tuesday.
Nine-month sales in 2010 grew by 45% year on year to €1.29bn, Lenzing said.
Operating profits for the January-September period soared to €168.8m from €54.3m during the same nine months last year.
“The reason for the strong growth of sales and results lies in the significantly improved business development of cellulose fibres, which turned out to be far better than expected still at mid-year,” the company said.
Lenzing said that the positive market development would continue in the fourth quarter.
“A product mix further improved by favouring special fibres with attractive margins, increased fibre and pulp production capacity and a very good internal cost structure allow the expectation that business year 2010, despite the currently tight raw material price situation, will provide a new record result for the Lenzing Group,” said the company.
($1 = €0.74)
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