AUSTRIA: Lenzing fibres in high demand amid cotton hike
- Q3 earnings up 39% to EUR60.8m
- Nine-months sales in 2010 grew 45.2% to EUR1,285.5m
- Fibres benefit from cotton doubts
Austrian textiles firm The Lenzing Group has improved its profits for the third quarter of 2010, with its fibres in high demand after cotton prices soared.
The company reported 37.7% jump in sales of its cellulose fibres. Shipments climbed as a result of increased production capacity, better fibre prices and the addition of its Paskov pulp factory.
"We are facing a growing and sustainable excess in demand in all important fibre markets," chairman Peter Untersperger said.
Lenzing added that the recent floods in Pakistan and India triggered fears of a shortage of cotton and higher cotton prices.
"The calamitous weather situation in Pakistan and India has led to rethinking," Untersperger added. "Cotton will in the future be viewed with ever-increasing doubt concerning the crop's pricing and availability.
"Market analysts therefore expect a structural change of the global fibre market which should strongly benefit cellulose man-made fibres, such as viscose, modal and Tencel in the medium and long term."
The company said it expected the fourth quarter to show a continuation of the market development and bring "excellent results" in its core business fibres.
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