The loss made by German maker of high-tech polymer materials Covestro AG widened in the first quarter compared to the same period of last year.
Covestro reported that its first quarter net loss widened to €35 million ($37.5 million) from €26 million in the prior year.
The group's earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 4.5% year-over-year to €273 million.
This was primarily a result of lower margins, although the impact was somewhat mitigated by reductions in raw material and energy costs, partially offsetting the decline in selling price level.
Group sales for the first quarter fell slightly by 6.2% to €3.5 billion from the previous year's €3.7 billion, due to lower average selling prices associated with lower raw material prices being passed on to customers.
The group anticipates EBITDA between €270 million and €370 million for the second quarter of 2024.
The group still expects EBITDA to be between €1. billion and €1.6 billion for fiscal year 2024.
