July 26, 2018 / 5:16 AM / a year ago

Covestro ups profit guidance on strong plastics demand

FRANKFURT, July 26 (Reuters) - Germany’s Covestro raised its earnings guidance and bolstered its investment ambitions, encouraged by strong demand for its specialty materials such as transparent polycarbonate plastics.

Covestro on Thursday predicted higher earnings before interest, taxes, depreciation and amortisation (EBITDA) this year, which it had previously seen as flat.

The former Bayer subsidiary vowed to increase investments this year to 650 to 700 million euros, up from 507 million in 2017, with further annual investments over the next three years reaching as much as 1.2 billion euros

Second-quarter EBITDA rose 16.2 percent to 985 billion euros, broadly in line with a Reuters poll of analysts.

Reporting by Ludwig Burger Editing by Maria Sheahan

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