AUSTRIA: Falling prices weigh on Lenzing FY forecast
Cellulosic fibre producer The Lenzing Group has reaffirmed its full-year guidance but says it expects to come in at the lower end of expectations because of a continuing decline in average fibre prices.
The Austrian company, which makes the Tencel and Modal brands, said consolidated sales fell 1.5% in the first nine months of the year to EUR1.57bn.
However, while fibre shipment volumes rose by 12% year-on-year, average selling prices declined by about 11%.
Profit for the period dropped 28.8% to EUR155.1m, down from EUR217.9m in a year earlier.
"In spite of the difficult market conditions, we were able to achieve record sales of 590,000 tons of fibres in the first three quarters of 2012 against the backdrop of the full utilisation of our production capacities," said CEO Peter Untersperger.
The company expects consolidated sales in a range of EUR2.1bn to EUR2.15bn, with EBITDA (earnings before interest, tax, depreciation and amortisation) of EUR350-400m.
Fibre business Lenzing Group saw reductions in full-year net profit and sales in a "difficult" market environment, despite a good performance from its Tencel speciality fibre....
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