Austria's Lenzing H1 net profit down 34.8% on lower prices

21 August 2013 08:11  [Source: ICIS news]

SINGAPORE (ICIS)--Lenzing’s net profit fell by 34.8% year on year to €65.3m ($87.1m) in the first half of 2013 as revenues shrank on the back of lower average fibre selling prices, the Austrian fibres producer said on Wednesday.

Its consolidated sales fell by 6.8% year on year to €989.9m in January-June this year, while earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 16.3% at €162m, the company said in a statement.

Looking ahead, the company said that it now expects its sales to total about €2bn in 2013, down from a previous prediction of €2.15bn-2.25bn.

“The state of the global economy will not substantially change in the second half of 2013 compared to the first half of the year,” the company said.

“This is likely to lead to a largely stable volume demand for the world’s fibre industry in relation to the first half-year,” it added.

The company’s second-quarter results were not immediately available.

($1 = €0.75)


By: Nurluqman Suratman



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