The increase in ebitda was mainly due to higher volumes in the polyurethane and polycarbonate segments and "lower raw materials prices out-weighed the decline in selling prices. Earnings also included a one-time insurance reimbursement of EUR 30m," said the firm
The value of sales in the Europe, Middle East, Africa and Latin America (excluding Mexico) region were down 4.9% compared to 2015 at EUR 1.3bn, according to Covestro figures. On the same comparison, sales values in the Nafta region were down 5.9% to EUR 782m and in the Asia Pacific region were down 7.4$% to $792m.
At the Covestro's annual results conference in Cologne, in February, Patrick Thomas, unveiled a new core volume growth measure. This measure is calculated as the percentage change in externally sold volumes in thousand tonnes compared with the prior year. By this measure, core volume growth was 8.5% in the first quarter of 2016 compared with 1.7% in the equivalent period in 2015.
In geographic terms, the strongest core volume growth was in the Asia Pacific region and in China particularly, sales increased by 15.5%, sales volumes in NAFTA were up 9.9% and the Europe, Africa, Middle East and Latin America (excluding Mexico) grew by 5.8% on this measure.
Thomas said: "This is renewed confirmation of our company's good position and earning power."