VIENNA, Jan 27 (Reuters) - Austrian fibre producer Lenzing said on Monday its full-year profit fell 23%, blaming write-offs due to the halt of its U.S. expansion and low prices for its textiles due to oversupply.

The group, which makes cellulose fibres that are derived from sustainable wood and pulp, said according to preliminary figures 2019 net profit fell to 114 million euros ($127 million) from 148 million in 2018.

Analysts had estimated a net income of 144 million euros on average, Refinitiv data show. Lenzing said revenue was down 3% at 2.11 billion euros, largely in line with average Refinitiv estimates of 2.12 billion.

The company halted a planned U.S. expansion in summer 2018 partly due to rising tariffs between the United States and China, as much of the project’s production was destined to the People’s Republic. It decided to build a 400 million euro facility in Thailand instead.

“Engineering costs related to the mothballed U.S. lyocell fibre expansion will be fully written off,” Lenzing said in a statement. The company warned in November that due to a challenging market environment with historically low viscose prices, 2019 results would be slightly lower than in the previous year. Lenzing produces part of its fibres in China’s Nanjing, 500 kilometres (311 miles) from the city of Wuhan, where the coronavirus outbreak began. The group is monitoring the situation closely and will make decisions depending on developments, a company spokesman said on Monday. ($1 = 0.9014 euros) (Reporting by Kirsti Knolle; Editing by Lisa Shumaker)