LENZING – Cellulosic fibre specialist Lenzing has posted a significantly wider loss for its full year 2023, hurt by lower demand and the continued rise in raw material and energy costs.
Posting a net loss of €593 million, down from a loss of €37.2 million in 2022, Lenzing said it incurred a non-cash impairment loss of €464.9 million - an accounting term reflecting a reduction in the value of a company’s assets - on the back of “ongoing uncertainties in the economic environment and higher discount rates in line with the change in the interest rate environment”.
