• 9-month profit jumps 90.6% to EUR84.4m
  • Revenue up 7.4% to EUR1.46m
Lenzings profit almost doubled during the period

Lenzing's profit almost doubled during the period

Austrian cellulosic fibre producer Lenzing has seen its profit nearly double during the first nine months of the year, and expects a "significant" improvement in annual earnings. 

Net profit reached EUR84.4m (US$90.6m) during the nine months, compared to EUR44.3m in the same period of the prior year. 

Revenue increased 7.4% to EUR1.46m from EUR1.36m last year as demand for Lenzing fibres remained strong. 

“This very good performance was a result of positive exchange rate effects, increasing fibre price and the improved cost structure of the Lenzing Group,” said says Lenzing CEO Stefan Doboczky. “We continue to progress well in our profit improvement measures and currently benefit from the somewhat more positive business environment.” 

The company said it expects fourth quarter earnings to show a “similar development” as in the third quarter. Lenzing added that positive currency effects, higher fibre selling prices and a good cost position in light of ongoing strong demand for its products will enable a “significant earnings improvement” for the full year, compared to the prior year.