Covestro reports strong earnings despite lower sales in 2016

Cologne, Germany — 2016 was a record year for Covestro, the company said, with volumes up 7.5% and greater capacity utilisation, although sales fell by 1.5% to €11.9 billion as a result of lower prices and foreign exchange effects.

The company said that EBITDA was up 41.9% to €2 billion.

Volumes in its polyurethanes business were up 7,7% compared to 2015 and sales were down 2.6% at €5.9 billion compared to €6.1 billion in 2015.

Over the course of 2016 prices in the polyurethanes sector fell by 6.4%…

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