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21st Austria weekly - Lenzing (06/05/2020)

10.05.2020

Lenzing: In a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis, the Lenzing Group, producer of specialty fibers made from the renewable raw material wood, held its ground well in the first quarter of 2020. In the first quarter of 2020, revenue declined by 16.7 percent in comparison with the prior-year quarter and amounted to Euro 466.3 mn. The main reason was the development of prices for standard viscose (due to significant overcapacity in the market) and other standard fibers. The impact of the COVID-19 crisis further increased pressure on prices and volumes. The prices for standard viscose dropped to a new all-time low of 9,150 RMB/ton by March 31 – up to 33 percent lower than in the prior-year quarter. The comparatively positive development of the specialty fiber business and slightly higher demand for fibers in the medical and hygiene segments partially offset the decline in revenue. The share of specialty fibers increased from 47.3 percent in the first quarter of the previous year to 60.9 percent. The earnings development reflects the decline in revenue: EBITDA (earnings before interest, tax, depreciation and amortization) decreased by 24.3 percent to Euro 69.6 mn. Net profit for the period was down 58.6 percent to Euro 17.7 mn. “The COVID-19 crisis has a severe impact on the entire textile and apparel industry and has further increased the pressure on prices and volumes in the global fiber market. Lenzing held its ground in this extremely difficult market environment and continues to drive the implementation of its key projects in Brazil and Thailand”, says Stefan Doboczky, Chief Executive Officer of the Lenzing Group.
Lenzing: weekly performance: -5.36%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (06/05/2020)


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21st Austria weekly - Lenzing (06/05/2020)


10.05.2020



Lenzing: In a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis, the Lenzing Group, producer of specialty fibers made from the renewable raw material wood, held its ground well in the first quarter of 2020. In the first quarter of 2020, revenue declined by 16.7 percent in comparison with the prior-year quarter and amounted to Euro 466.3 mn. The main reason was the development of prices for standard viscose (due to significant overcapacity in the market) and other standard fibers. The impact of the COVID-19 crisis further increased pressure on prices and volumes. The prices for standard viscose dropped to a new all-time low of 9,150 RMB/ton by March 31 – up to 33 percent lower than in the prior-year quarter. The comparatively positive development of the specialty fiber business and slightly higher demand for fibers in the medical and hygiene segments partially offset the decline in revenue. The share of specialty fibers increased from 47.3 percent in the first quarter of the previous year to 60.9 percent. The earnings development reflects the decline in revenue: EBITDA (earnings before interest, tax, depreciation and amortization) decreased by 24.3 percent to Euro 69.6 mn. Net profit for the period was down 58.6 percent to Euro 17.7 mn. “The COVID-19 crisis has a severe impact on the entire textile and apparel industry and has further increased the pressure on prices and volumes in the global fiber market. Lenzing held its ground in this extremely difficult market environment and continues to drive the implementation of its key projects in Brazil and Thailand”, says Stefan Doboczky, Chief Executive Officer of the Lenzing Group.
Lenzing: weekly performance: -5.36%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (06/05/2020)




 

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