Fibres manufacturer Lenzing reports profit growth

Austria’s Lenzing has raised its outlook for 2011 to €500m after profits rose 65.1% to €247.8m during the first half of the year.

The company said consolidated sales rose 31% to €821.4m from €1.1bn during the same period last year.

The company focuses mainly on fibres after selling its plastics filaments business to a consortium of private investors in April.

However, the company said its plastics products and engineering division “developed very positively”.