The Lenzing Group, a leader of sustainably produced specialty fibres, reported its third quarter (Q3) results FY20. Revenue during Q3 FY20 ended on September 1, declined 26.1 per cent to €1.19 billion compared to €1.61 billion in same period last year. Net loss for nine month period was €2.8 million compared to the net profit of €117.1 million in Q3 FY19.
The Lenzing Group, a leader of sustainably produced specialty fibres, reported its third quarter (Q3) results FY20. Revenue during Q3 FY20 ended on September 1, declined 26.1 per cent to €1.19 billion compared to €1.61 billion in same period last year. Net loss for nine month period was €2.8 million compared to the net profit of €117.1 million in Q3 FY19.#
“Lenzing reacted quickly to the increased pressure on prices and volume caused by the Covid-19 crisis and consequently held its ground in this extremely difficult market environment due to a comprehensive set of measures. In the third quarter, we saw a broad recovery of the fibre market; in particular, demand for our sustainably produced specialty fibres increased significantly,” Stefan Doboczky, CEO of the Lenzing Group, said in a press release.
The Lenzing Group, a leader of sustainably produced specialty fibres, reported its third quarter (Q3) results FY20. Revenue during Q3 FY20 ended on September 1, declined 26.1 per cent to €1.19 billion compared to €1.61 billion in same period last year. Net loss for nine month period was €2.8 million compared to the net profit of €117.1 million in Q3 FY19.#
EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter was €140.4 million (€266.9 million). CAPEX (expenditures for intangible assets and property, plant and equipment and biological assets) roughly tripled to €449.8 million in Q3 FY20.
The Lenzing Group, a leader of sustainably produced specialty fibres, reported its third quarter (Q3) results FY20. Revenue during Q3 FY20 ended on September 1, declined 26.1 per cent to €1.19 billion compared to €1.61 billion in same period last year. Net loss for nine month period was €2.8 million compared to the net profit of €117.1 million in Q3 FY19.#
Company stated that strategic target to generate roughly 50 per cent of revenue with specialty fibres in 2020 already achieved. Lenzing aims for further organic growth in this area in order to be even more resilient to volatile markets in the future.
The Lenzing Group, a leader of sustainably produced specialty fibres, reported its third quarter (Q3) results FY20. Revenue during Q3 FY20 ended on September 1, declined 26.1 per cent to €1.19 billion compared to €1.61 billion in same period last year. Net loss for nine month period was €2.8 million compared to the net profit of €117.1 million in Q3 FY19.#
“Strategically, we remain fully on track despite the pandemic, and the implementation of our key projects in Thailand and Brazil is progressing as planned,” Doboczky said.
Fibre2Fashion News Desk (JL)
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