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Lenzing posts 22% drop in 2019 profit, expects further fall

VIENNA (Reuters) - Austrian fibres producer Lenzing <LENV.VI> on Thursday reported a 22% slump in 2019 profit due to a drop in prices and lower standard fibre volumes and said it expects its 2020 results to fall further.

Net profit decreased to 114.9 million euros on 3% lower revenues of 2.11 billion euros in 2019, the group said.

It said it plans to lower its 2019 dividend to 1 euro per share from 5 euros per share the previous year.

(Reporting by Kirsti Knolle; editing by Thomas Seythal)