April 29, 2020 / 5:23 AM / a month ago

Covestro Q1 profit sinks on low demand in China, strong competition

April 29 (Reuters) - German chemicals maker Covestro reported an 89% plunge in quarterly profit on Wednesday, hurt by weak demand in China due to coronavirus pandemic-driven production disruptions and as strong competition led to a decline in products prices.

The former Bayer unit, whose main customers include the automotive industry and electronics manufacturers, said its first-quarter net income attributable to shareholders dropped to 20 million euros ($21.69 million).

Covestro, however, confirmed the preliminary figure for first-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA).

$1 = 0.9219 euros Reporting by Zuzanna Szymanska in Gdansk; Editing by Aditya Soni

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