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Exclusive: Plastics maker Covestro's profit bolstered by electronics, furniture

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Covestro is on track for better-than-expected earnings in the third quarter as stay-at-home workers' appetite to upgrade their mobile devices and furniture drives demand for the company's materials, its finance chief told Reuters.

) is on track for better-than-expected earnings in the third quarter as stay-at-home workers’ appetite to upgrade their mobile devices and furniture drives demand for the company’s materials, its finance chief told Reuters.

The German maker of chemicals that go into casings of electronic devices and upholstery foams, said earnings before interest, taxes, depreciation and amortisation would likely be about 350 million euros for the July-to-September period, up from 125 million in the second quarter. The rebound was similar to the sequence in which the coronavirus pandemic initially knocked economies in world regions, he said.

“Demand for laptops, printers and other home equipment has indeed gained momentum. Also, furniture has become more relevant because people suddenly have time to sort things out,” he said.

 

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