Essen, Germany – Evonik’s performance materials segment sales dropped to EUR829 m ($923m) in Q2 2016, 12% lower than Q2 2015.
This was “principally owing to lower selling prices as a result of the reduction in raw material prices,” the company said.
“By contrast, volumes rose considerably thanks to good demand and the firm’s Q2 adjusted EBITDA was EUR105 m, a rise of 28% on Q2 2015.
“This was principally due to a rise in volumes, improved raw material efficiency and systematic cost management,” the report added.
Sales in the performance materials segment were EUR1.6 bn in H1 2016, a fall of 10% on the prior year half. “With volumes up, the decline was caused by the oil-driven drop in selling prices,” the report added.
Adjusted EBITDA was 10% higher than H1 2015 at EUR169 m, the report added.
Klaus Engel, chairman of the executive board of Evonik Industries, said: “Demand for Evonik's products rose worldwide in the first half of this year. “We were able to increase volumes in persistently challenging business conditions.”
XE Currency conversion: 11 August, 2016