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Lenzing reports lower sales and profits citing high inventories, lowers guidance
5:00 AM MDT | August 21, 2013 | Natasha Alperowicz
Lenzing (Lenzing, Austria), a leading man-made cellulosic fiber producer, today reported significantly lower sales and profits for the first six months of the year. The company is adjusting its investments and has lowered its full-year guidance to reflect market conditions. Lenzing cites high cotton inventories and surplus capacities for viscose fibers in China, the most important market, for declining prices. Profit declined 35% to €65.3 million ($87.4 million) on sales 7% down at €989.9 million. Ebitda in the first six months was €162...
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