Fibre-based products manufacturer Ahlstrom has reported its earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to €104.7m ($114.17m) in the third quarter (Q3) of financial year 2023 (FY2023).

Its net sales declined by 18.6% to €705.8m in Q3 FY 2023, compared to €867.1m in Q3 FY22.

The company attributed the decline to lower volumes, currency exchange rates, and selling prices.

During the quarter, Ahlstrom’s comparable EBITDA over the period was €119.2m, accounting for 16.9% of net sales.

The company delivered an operating result of €61.0m in Q3 FY2023, up from €46.5m in the prior year quarter.

Its net result was -€20.4m in the quarter against €27.1m in Q3 FY2022.

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Ahlstrom president and CEO Helen Mets said: “In the third quarter, we continued our transformation journey to become the leading sustainable speciality materials company. Ahlstrom’s strength lies in our know-how in sustainable and innovative fibre-based solutions.

“We have the technology that addresses the big trends in the world and with our diversified portfolio, we meet the needs of our customers who look for solutions that are safe and sustainable by design. We are delighted to report that our comparable EBITDA in the third quarter increased from the second quarter and reached the same good level as the year before despite volume lagging by 10%.

In the first three-quarters of FY2023, Ahlstrom reported net sales of €2.28bn, down by 9.3% from €2.51bn in the corresponding period a year ago.

The company’s EBITDA for the period was €263.9m and its comparable EBITDA was €308.0m.

Ahlstrom delivered an operating result of €125.9m from Q1-Q3, and its net result was -€43.7m.