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LNZ - Lenzing AG News Story

€43.45 0.2  0.4%

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Sector
Basic Materials
Size
Mid Cap
Market Cap £1.03bn
Enterprise Value £1.81bn
Revenue £1.64bn
Position in Universe 351st / 1038

Fibres producer Lenzing reports 59% fall in Q1 profit

Wed 6th May, 2020 6:45am
VIENNA, May 6 (Reuters) - Austrian fibres producer Lenzing
 LENV.VI  posted a 59% drop in first-quarter profit as the
coronavirus outbreak added to an already difficult market
environment.
    Net profit fell to 17.7 million euros ($19.18 million) on
17% lower revenues of 466.3 million euros in the January-March
period, during which standard viscose prices fell to an all-time
low.    
    The company, which makes cellulose fibres that are derived
from sustainable wood and pulp, also said it would withdraw its
dividend proposal of 1 euro per share due to the coronavirus
crisis.


($1 = 0.9230 euros)

 (Reporting by Kirsti Knolle
Editing by Riham Alkousaa)
 ((kirsti.knolle@thomsonreuters.com; +43 1 2530 1650 13;))
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