(RTTNews) - Covestro AG (CVVTF.PK, COVTY.PK) reported a net loss of 52 million euros in the second quarter compared to net income of 189 million euros, previous year. Group EBITDA was 125 million euros, a decline of 72.8%.
Second quarter Group sales fell by 32.9% to around 2.2 billion euros. Core volumes decreased by 22.7% year-on-year from April to June due to the massive drop in demand in all key customer industries.
"As anticipated, the global coronavirus pandemic had a significant impact on our results in the second quarter," said Markus Steilemann, CEO of Covestro.
Covestro AG confirmed the full-year guidance it had revised in April. However, the company noted that the uncertainties associated with the consequences of the coronavirus pandemic for economic development remain high.
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