BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK) reported that its second-quarter net income was 449 million euros compared to a loss of 52 million euros in the prior year.
EBITDA rose to 817 million euros from the previous year's 125 million euros. The result also includes negative one-time effects of 35 million euros in connection with the consolidation of RFM.
Apart from the volume growth, substantially higher selling prices resulted in an 83.5 percent year-on-year increase in sales of over 3.9 billion euros.
The company confirmed recently increased 2021 guidance. The Group anticipates EBITDA will be 2.7 billion euros to 3.1 billion euros on the back of an improved outlook for margins in the second half of the year.
Annual core volume growth is expected - unchanged - to be between 10 and 15 percent, of which around 6 percentage points is attributable to the RFM business.
Copyright RTT News/dpa-AFX