BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK), a German maker of high-tech polymer materials, on Tuesday posted a decline in earnings for the third-quarter, mainly due to lower margins, since the Group was able to offset the sharp rise in raw material and energy prices only to a small extent by higher selling prices.
A decline in total volumes sold also impacted earnings.
However, the company recorded a rise in sales. In addition, for the fiscal 2022, the company has revised down its EBITDA guidance, amidst deteriorating overall economic conditions.
For the third-quarter, the Leverkusen-headquartered firm posted a net income of 12 million euros, lesser than 472 million euros of previous year.
EBITDA was at 302 million euros, compared with 862 million euros reported a year ago.
Group Sales rose to 4.6 billion euros from previous year's 4.3 billion euros.
Looking ahead, for the fiscal 2022, Covestro expects its EBITDA to be in the range of 1.7 billion euros to 1.8 billion euros against its previous expectation range of 1.7 billion euros to 2.2 billion euros.
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