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LNZ - Lenzing AG News Story

€45 -0.4  -0.8%

Last Trade - 22/09/20

Basic Materials
Mid Cap
Market Cap £1.11bn
Enterprise Value £1.90bn
Revenue £1.68bn
Position in Universe 340th / 1041

UPDATE 1-Falling prices push Austria's Lenzing to 2014 preliminary loss

Mon 2nd March, 2015 7:13pm
(Adds details, background) 
    FRANKFURT, March 2 (Reuters) - Austrian viscose fibre maker 
Lenzing  LENV.VI  reported a preliminary loss of 14 million 
euros ($15.66 million) in 2014  due to falling fibre prices and 
subsequent adjustments in goodwill, property and equipment. 
    Profit after tax was 50 million euros in 2013. Sales in 2014 
fell to 1.86 billion euros from 1.91 billion in 2013, while 
earnings before interest and tax was 22 million euros, the 
company said, down 75 percent from a year earlier. 
    The company is due to release final figures on March 24.  
    Lenzing has battled low prices by savings measures, 
including cutting jobs, and new specialised products made at 
high-tech factories such as its new Tencel fibre unit in 
Austria.  ID:nL6N0T317S   ID:nL6N0TI0X6  
    Lenzing Chief Executive Peter Untersperger told Reuters in 
November price increases in the fourth-quarter were unlikely, 
with the fibre market swamped by cheap Indian and Chinese 
products.  ID:nL6N0T317S  
    Non-cash, one-off write-downs in Indonesia and China were 
about 94 million euros, Lenzing said on Monday. 
    ($1 = 0.8942 euros) 
 (Reporting by Christoph Steitz and Shadia Nasralla; editing by 
Susan Thomas) 
 ((christoph.steitz@thomsonreuters.com; +49 69 7565 1269; 
Reuters Messaging: 
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