Leverkusen, Germany — Covestro said it has a strong second quarter in its polyurethanes business with core volume up 9%, despite a drop in sales of EUR 156m to EUR 1.481 bn. Over the first half sales dropped by around 9% to EUR 2.84bn from EUR 3.1bn in the comparable 2015 half.
However, earnings before interest taxes, amortisation and depreciation (EBITDA) in the business rose from EUR 348m in the first half of 2015 to EUR 442m in the first half of 2016 for the polyurethanes business.
In the coatings, adhesives and specialties business, which comprises a large number of polyurethane products, EBITDA in the first half of 2016 was up 5.6% at 281m. Sales in the first half of 2016 were down 4.8% to EUR 1bn.
Patrick Thomas, ceo said: "Our plant utilistion rates are improving, allowing us to realise higher core volumes and increase profitability. On the back of a positive development in the first half of 2016, we are raising our outlook for the full year."