Demand for polyols started to improve after June, and continued as the quarter progressed, driven by the furniture industry and bedding. The company also benefitted from forced closures of competitor plants because of accidents or planned maintenance.
The company managed to increase its prices. 'It was a long-awaited change, for about three years, polyether polyols have been losing profitability,' it said. In the third quarter, the company said it was able to rebuild profitability.
The company's systems business Prodex was able to pass on raw material price rises without affecting margins. Far eastern sales at IRPC Polyol grew significantly, it said.
All of these trends fed into EBITDA, and were amplified because the company reports in zloty, which weakened against the euro, the currency it sells its products in across Europe.
Parent company Rokita had total sales of PLN 1045.7m in the third quarter of 2020, down 6.93% on the same period last year. Adjusted EBITDA across the business fell by 25.2% to PLN 59.4m in the third quarter of 2020.
Currency conversion: XE.com