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Lenzing Posts Lower Profits, Cuts Guidance

5:46 AM MDT | August 22, 2012 | Ian Young

Lenzing reported a 31% decline in net profits for the first half of 2012 compared with the same period of 2011, to €100 million ($124.5 million), on sales down 1%, to €1.1 billion. Ebitda decreased 22%, to €194 million. Quarterly figures were not disclosed. Lenzing cites a tough market environment, which made it difficult for the company to match the record results it achieved in the first half of last year. Lower fiber selling prices put pressure on revenues, but were largely offset by higher sales volumes following production capacity...

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