April 25, 2017 / 5:20 AM / 3 months ago

Covestro Q1 profit beats market view on strong construction business

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FRANKFURT, April 25 (Reuters) - Covestro, the plastics maker that parent Bayer plans to divest, reported a larger-than-forecast profit gain for the first quarter, on stronger volumes and prices of foam chemicals used in the construction industry.

Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), rose by two thirds to 846 million euros ($919 million), above the 761 million euros expected on average in a Reuters poll of analysts.

Covestro said it now sees the return on capital employed (ROCE) in 2017 clearly above 2016 levels, where it had previously seen a slight increase. ($1 = 0.9203 euros) (Reporting by Ludwig Burger; Editing by Christoph Steitz)

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