International.
By 6.4% to €5.9 billion, Covestro's sales fell in the first half of this year, largely due to lower sales prices in all operating segments.
However, the company considers that its results in this period have been favorable as core volumes grew by 8.1%, adjusted EBITDA increased by 14.9% to 1,100 million euros and the net income of the Covestro group rose by 54.3% to 412 million euros.
In the period from April to June 2016, Covestro saw its adjusted EBITDA grow by 8.8% to €542 million, mainly due to the increase in core volumes in the polyurethane and polycarbonate segments. At group level, core volumes (in thousands of tonnes) in the second quarter of 2016 registered a significant year-on-year increase of 7.7%.
Patrick Thomas, CEO of Covestro, commented that the results "are solid and maintain the good evolution of the first three months. The rates of use of our plant are improving and, therefore, we are in a position to achieve higher basic volumes as well as greater profitability, explained the manager, who added that thanks to this positive evolution in the first half of 2016, we revised upwards the outlook for the whole year. "
