11 November 2004 09:52 [Source: ICIS news]
LONDON (CNI)--German chemicals giant BASF on Thursday reported third quarter pre-tax profits more than trebled to Euro865m ($1.1bn) compared with Euro266m in the same quarter of 2003.
Higher prices, increased sales and restructuring benefits contributed to the jump in group operating profit before special items to Euro1.05bn from Euro403m in the third quarter last year. Turnover was up 20% to Euro9.3bn.
Earnings from the chemicals business more than trebled, plastics profits more than doubled, performance products income rose by a third and losses from the agricultural products and nutrition sector were cut by two-thirds.
Results were also boosted by 70% rise in profits from the oil and gas business.
(A detailed analysis of the results will be published later.)
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