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LNZ - Lenzing AG News Story

€45.8 -0.1  -0.2%

Last Trade - 18/09/20

Sector
Basic Materials
Size
Mid Cap
Market Cap £1.11bn
Enterprise Value £1.90bn
Revenue £1.67bn
Position in Universe 345th / 1039

Fibres producer Lenzing swings to H1 loss on low prices, demand

Wed 5th August, 2020 7:04am
VIENNA, Aug 5 (Reuters) - Fibres producer Lenzing  LENV.VI 
swung to a loss in the January-June period as low prices and
weak demand hit its business.
    The Austrian group booked a loss of 14.4 million euros 
($17.0 million) in the first half of 2020 after reaching a
profit of 76.8 million euros last year.
    Net debt increased to 809.3 million euros by the end of
June, up from 511.4 million at end-December, it said.
   Lenzing is facing a pricing decline in its core commodity,
viscose, and crumbling demand in its main end-market textiles
but is investing in new production capacities, which is
increasing its debt levels.
    It said late on Tuesday it expects its revenue and operating
performance in the third and fourth quarters to exceed those it
reported in the second quarter.  urn:newsml:reuters.com:*:nFWN2F6191
    

($1 = 0.8467 euros)

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