Positive 2016 for Covestro as earnings surge
20/02/2017
Sales revenues for the year reached €11.9 billion, which represents a decline of 1.5% year on year. However, earnings before tax and other deductions were in excess of €2 billion, indicating growth of almost 42% and net income more than doubled to €795 million.
In its polyurethanes business, revenues fell by 2.6% to €5.9 billion, but earnings increased by more than 80% to €881 million. In its coatings, adhesives and specialties segment, it achieved revenues of just over €2 billion, a decline of 2.5%, and earnings of €500 million, an increase of 3.3%.
“Our strategy is paying off,” said chief executive, Patrick Thomas, on releasing the results. “Growing customer demand for our products shows that we are increasingly successful at replacing conventional materials with superior plastics.”
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