Despite reaching a record 235,000 tons in fiber sales and implementation of a cost-optimization program, an erosion of selling prices for man-made cellulose fibers and difficult global fiber conditions led Lenzing Group to steep declines in sales and earnings in the first quarter.
Net profits for the quarter ended March 31 fell 63.1 percent to 7.7 million euros, or $10.6 million at current exchange, from 20.9 million euros, or $28.7 million, in the same period a year earlier. Consolidated earnings before interest, tax, depreciation and amortization amounted to 46.3 million euros, or $63.5 million at current exchange, in the first quarter, down 30.2 percent from 66.3 million euros, or $90.9 million, in the previous year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"