Corrected: Austria's Lenzing 2013 net profit falls 72.4% as prices weaken

21 March 2014 07:37 Source:ICIS News

Correction: In the ICIS story headlined ...Germany's Lenzing 2013 net profit falls 72.4% as prices weaken... dated 21 March 2014, please read the headline as ...Austria's Lenzing... instead of ...Germany's Lenzing.... In the first paragraph, please read ...Austria-based fibres maker... instead of ... Germany-based fibres maker. A corrected story follows.  

SINGAPORE (ICIS)--Lenzing’s net profit fell by 72.4% year on year to €50m in 2013, with earnings weighed by weak fibre selling prices, the Austria-based fibres maker said on Friday.

The company’s consolidated sales slipped by 8.68% year on year to €1.91bn last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 36% to €225.4m, the company said in a statement.

“The business development of the Lenzing group in 2013 was characterized by the continuation of good volume demand, new record shipment volumes and full capacity utilization against the backdrop of extremely weak fibre selling prices,” it said.

Looking ahead, the company said that it does expect any major improvement in sight with respect to prices on the global fibre market.

“The focus is now on expanding the share of specialty fibres in relation to total sales volumes,” it added.

By Nurluqman Suratman