International. Chemical solutions company Covestro announced that it has improved its operating result in the third quarter of 2015. Adjusted EBITDA increased by 44.5% to €471 million, compared to 2014 results.
The company assures that the increase is due, among other reasons, to the significant decrease in the prices of raw materials that, in the context of a more favorable supply and demand situation, compensated for the fall in sales prices. The effect of exchange rates of around €70 million also contributed positively to this increase in results.
"Our first results as an independent company demonstrate that our business remains on track," said Covestro CEO Patrick Thomas. "The third quarter once again underscores our good performance and above all our ability to generate profits."
EBIT increased significantly to €287 million, 64% more than in the third quarter of the previous year. This figure includes extraordinary expenses of €18 million (third quarter of 2014: minus €2 million) corresponding to the consolidation expenses of the production sites, as well as expenses arising from the process of divesting Covestro and its IPO. Adjusted EBIT increased by 72.3% to €305 million in the third quarter of 2015.
