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Covestro: Q3 income up 22%

( - The Covestro share is down about 0.
7% in Frankfurt on Tuesday morning, underperforming the MDAX (down about 0.3%), after the group published Q3 net profit of 179 million euros, up 21.8%, with EBITDA up 7.3% at 456 million euros, helped by cost-cutting measures.

Sales fell by 12.7% to 2.8 billion euros, weighed on by lower sales prices, while core volumes increased by 3%, which the group said is thanks to a significant improvement in demand.

For FY 2020, the German materials chemist now targets EBITDA of around 1.2 billion euros, against a previous target range of 0.7-1.2 billion euros, despite core volumes that are still expected to be lower than in 2019.

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