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Evonik ekes out fourth quarter core profit growth on additives, plastics

Evonik ekes out fourth quarter core profit growth on additives, plastics
FILE PHOTO: The logo of German specialty chemical company Evonik Industries AG is pictured at their plant in Bitterfeld, Germany, February 29, 2016. REUTERS/Fabrizio Bensch/File Photo -
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Fabrizio Bensch(Reuters)
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FRANKFURT (Reuters) - Adjusted core profit at German chemicals group Evonik edged 1 percent higher in the fourth quarter as strong demand for coating additives and engineering plastics offset a decline at its lower-margin Performance Materials division.

Fourth-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, rose to 487 million euros (£419 million), the company said on Tuesday, just short of an average analyst forecast of 491 million.

"Despite political uncertainties and weaker economic growth Evonik expects adjusted EBITDA in 2019 to be at about the level of 2018 or slightly lower," it said in a statement.

Late on Monday, Evonik said it agreed key terms of a 3 billion euro sale of its methacrylates plastics unit, which is part of Performance Materials, to buyout group Advent a year after its decision to shed the business.

(Reporting by Ludwig Burger, editing by Riham Alkousaa)

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