Covestro: reduces losses in 2023 but remains in the red

(CercleFinance.com) - Covestro announced that its sales reached E14.
4bn in 2023, down 20% from 2022.

EBITDA came to E1.1bn, down 33.2%.

The group thus posted a net loss of E198m, less than the E272m loss recorded twelve months earlier.

Operating FCF came to E232m, up 68.1%.

Dr Markus Steilemann, Covestro's Chairman and CEO, believes that 2023 has been one of the most challenging years for the chemical industry in recent decades, with persistent geopolitical tensions, a struggling global economy and high energy prices, particularly in Europe.

He also pointed to a number of structural problems, particularly in Germany, and said that 'weak global demand for our core sectors is reflected accordingly in our earnings.


Copyright (c) 2024 CercleFinance.com. All rights reserved.