Malmo, Sweden — Perstorp, which supplies a range of polyols, achieved total sales of SEK 3.2bn ($335 m) in the first quarter of 2019. This is a rise of 4.5% on the equivalent period last year.
Penta business has tough first quarter at Perstorp
Sales in the company's specialty polyols & solutions business unit rose 5.3% between Q1 2018 and the first quarter of 2019, reaching SEK 1.85bn in the Q1 2019 period. This compares with SEK 1.76bn in the equivalent period last year.
EBITDA in the division rose 3.4% to SEK 331m in the first quarter of 2019. This compares with SEK 320m in the 2018 period.
Perstorp said that the first quarter increase in divisional sales was a result of currency effects and a continued healthy market demand. However, EBITDA performance in the company's Penta polyols business was hit by lower demands and lower unit margins.
Looking across the business, EBITDA fell 18.5%, declining to SEK 413m in the first quarter of 2019. Volatility in the world economy led to mixed performance, the company said.
Perstorp's president, Jan Secher, said that selling the Capa business to Ingevity unlocked significant value. 'The proceeds have been used to deleverage and strengthen our balance sheet,' he said.
He added that the company has EUR 130m committed for growth and it now has a better platform 'for achieving our long-term objectives'.