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By
Reuters
Published
Aug 25, 2015
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Lenzing on track to improve full year operating profit

By
Reuters
Published
Aug 25, 2015

Austrian fibre maker Lenzing expects better full-year results in 2015 compared with last year, it said on Tuesday, as it almost doubled its earnings before interest and tax to 60.5 million euros ($69.84 million) in the first half.

Stefan Doboczky - Lenzing AG


"The Lenzing Group expects a further improvement in its operating results compared to 2014 as well as a further reduction in its net financial debt," said Chief Executive Stefan Doboczky in a statement.

Meanwhile a weaker euro had helped to almost double pre-tax earnings in the first six months of the year, the company said.

"The underlying reasons were the currency effects which turned out to be very positive for us due to the weakness of the euro, good fiber demand in the second quarter and our improved cost position," he said.

He added viscose prices in China, the biggest market for fibres, had risen at the end of the second quarter as several plants had shut there, providing relief to a global market swamped by cheap Chinese and Indian viscose.

"We remain cautious concerning prospects for the rest of 2015, in light of the fact that these (Chinese) capacities could be put into operation again," Doboczky added.

Lenzing's specialised fibres such as Tencel and Modal - often mixed with cotton - are used in bed linen for clients like furniture giant Ikea as well as clothes for international fashion brands like Zara and in face wipes sold across Asia.

Lenzing shares have risen 2.75 percent since the start of the year, outperforming the Austrian ATX index which gained just over 2 percent in the same period. ($1 = 0.8663 euros)


 

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