BERLIN (dpa-AFX) - Polymer company Covestro (CVVTF.PK, COVTY.PK) reported Monday that its first-quarter net income declined 72.2 percent from the previous year to 179 million euros. Earnings per share fell 69.8 percent to 0.98 euro.
The company noted that as expected, the results were influenced by challenging environment.
The EBITDA was at 442 million euros, down 58.4%, in line with the forecast.
Group sales dropped 16 percent year-over-year to around 3.2 billion euros due to drop in selling prices and weak core volumes, despite an overall solid demand.
Higher competitive pressure influenced the first quarter 2019 results, the company noted. Core volumes decreased 1.8%, mainly due to lower volumes in the Polycarbonates segment.
For fiscal 2019, Covestro continues to project core volume growth to be in the low- to mid-single-digit percentage range. EBITDA for the year is expected to be between 1.5 billion euros and 2.0 billion euros, with the second quarter EBITDA expected to be around the level of first quarter 2019.
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