22 August 2012 07:43 [Source: ICIS news]
SINGAPORE (ICIS)--Lenzing’s net profit fell by 31% year on year to €100.1m ($125m) in the first half of 2012 amid lower average fibre prices, the Austrian cellulosic fibres, plastics and engineering group said on Wednesday.
The company’s sales slipped by 1.3% year on year to €1.06bn in the first quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell by nearly 22% to €193.6m, the company said in a statement.
“In spite of lower average fibre selling prices, Lenzing succeeded in maintaining a constant level of sales due to the increased fibre shipment volumes made possible by the recent capacity expansion measures,” the statement added.
The average selling price of the company’s fibre products was lower by 12% compared with the first half of 2011, it added.
Lenzing plans to invest about €1.6bn by 2015 in order to expand its fibre production capacity to about 1.2m tonnes/year, the statement said.
The company forecasts a lower EBITDA range of between €350m and €400m from its previous guidance of €400m to €480m for 2012.
($1 = €0.80)
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