BERLIN, July 23 (Xinhua) - German chemicals group Covestro AG reported on Thursday a net loss of 52 million euros (60.25 million U.S. dollars) in the second quarter (Q2) of 2020. The results had been "significantly impacted by the coronavirus pandemic as expected," the company said.
"We took the right measures in a timely fashion to protect our employees, maintain production and supply chains, and ensure continuous supply to our customers," said Chief Executive Officer (CEO) Markus Steilemann.
Sales declined by more than 30 percent to approximately 2.2 billion euros as all business sectors of Covestro had been affected by declines due to COVID-19.
The strongest decrease was recorded in Covestro's core business, the polyurethanes segment, where sales fell almost 40 percent year-on-year to 913 million euros, mainly due to a decline in total volumes and lower average selling prices.
Covestro confirmed its revised full-year guidance from April but warned that uncertainties associated with the consequences of the coronavirus pandemic for economic development remained high.
"2020 remains an exceptional year and the further development is still not fully foreseeable. That is a further reason why we will stick to our clear course with its focus on efficiency, cost awareness and securing our liquidity," said Thomas Toepfer, Covestro's chief financial officer (CFO). (1 euro = 1.16 U.S. dollars) Enditem
