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By
Reuters
Published
Nov 12, 2015
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Currency effects, fibre prices help Lenzing to Q3 earnings gains

By
Reuters
Published
Nov 12, 2015

Austria's Lenzing upped its full-year outlook and reported better-than-expected third-quarter earnings on Thursday thanks to positive currency effects and higher fibre prices, but warned that global economic outlook remained volatile.

Earnings before interest and tax (EBIT) for the three months to end-September rose to 51.5 million euros from 37.1 million a year ago at the world's biggest maker of cellulose fibre. Analysts had forecast 47.3 million euros.

Lenzing


Lenzing said it expected a similar performance for fourth-quarter earnings, and slightly strengthened its outlook.

"Positive currency effects, higher fiber selling prices and a good cost position in the light of ongoing strong demand for Lenzing products will enable a significant earnings improvement for the year 2015 compared to the previous year," the company said in a statement.

Yet Lenzing also pointed to falling prices of polyester and cotton - an important industry benchmark - and said fiber processing companies faced increasing difficulties to pass on higher material costs.

"To some extent, this could lead to the substitution of cellulosic fibers, especially by polyester in low-end applications over the medium term," the company said, adding that in China, the world's largest sales market for viscose fibers, previously mothballed production facilities had started operating again.

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.


 

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