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Covestro reports Q1 beat for foams and hard plastics thanks to strong Asia

April 28 (Reuters) - German chemicals maker Covestro reported on Wednesday better-than-expected quarterly results for foam chemicals and hard plastics and a miss for its coatings unit as raw material shortages balanced out strong performance in Asia.

Covestro, whose products can be used in products including car seats and phone cases, said first-quarter sales for the polyurethane foam chemical unit came in at 1.7 billion euros ($2.05 billion), compared to the 1.59 billion euros expected on average by analysts in a company-provided poll, as strong performance in Asia offset limited raw material availability in other regions.

It added sales for its polycarbonate plastics unit rose 21.3% to 889 million euros, above analysts’ average forecast of 846 million euros, thanks to an advantageous competitive situation and higher total sales volumes on the continent.

$1 = 0.8282 euros Reporting by Zuzanna Szymanska and Karol Badohal in Gdansk Editing by Tomasz Janowski

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