BERLIN (dpa-AFX) - Polymer company Covestro (CVVTF.PK, COVTY.PK) reported that its net income for the first quarter of 2020 declined 88.8 percent to 20 million euros from last year.
EBITDA stood at 254 million euros, down 42.5% from the prior year. Core volumes decreased by 4.1% from the previous year, reflecting significantly weaker demand in China due to coronavirus-related interruptions of production at local customers in February and March 2020.
Group sales dropped 12.3% to around 2.8 billion euros from the prior year, due to worldwide decline in selling prices.
For fiscal year 2020, Covestro anticipates core volume growth below the previous year. a EBITDA is projected at between 700 million euros and 1.2 billion euros.
The Annual General Meeting originally scheduled for April 17, 2020, has been canceled due to the coronavirus pandemic. The AGM is now to be held without physical presence on July 30, 2020 as a fully virtual event.
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