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Fiberweb profit falls amid rising costs

Britain's Fiberweb Plc posted a lower first-half profit, hurt by sharply increasing raw material prices, but the nonwoven fabrics maker said it expects full-year performance to be slightly ahead of last year.

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By: Karen McIntyre

Editor, Nonwovens Industry

“Steady volume development is expected in the second half. Margins will benefit from recent falls in raw material prices,” the company said in a statement.

Fiberweb, whose nonwoven materials are used in products ranging from baby diapers to industrial wipes, cut its interim dividend to 1 pence per share from 1.7 pence per share in the previous comparable period.

For the half year ended June 30, the company reported an underlying pretax profit of 3 million pounds ($4.9 million), compared with 6.9 million pounds a year ago. Revenue rose 10 percent to 255.5 million pounds, helped by acquisitions.

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