BASF posts 11% rise in Q1 operating profit

24 April 2008 06:45  [Source: ICIS news]

MUMBAI (ICIS news)--BASF has posted an 11% year-on-year rise in its first-quarter 2008 income from operations to €2.4bn ($3.8bn), with the strongest growth coming from its oil and gas segment, the German chemicals major said on Thursday.

“Our long-term strategy is paying off. That’s most apparent in turbulent times like the ones we’re currently seeing in the financial markets. BASF’s strategy is not to try to achieve improvements over just a few quarters,” BASF chairman Jurgen Hambrecht said.

In the first quarter, the company’s sales were up 9% to €15.9bn, as compared with the year-ago period, the company said.

For the period, the strongest growth was recorded by BASF’s oil and gas segment on higher crude oil prices and increased natural gas production as well as sales volume increases in the natural gas trading business sector, it added.

 “The strong start to the first quarter confirms our positive outlook for 2008. Assuming that there are no changes to our portfolio, we aim to increase sales and improve income from operations before special items slightly in 2008,” Hambrecht said.

($1 = €0.63)

By: Isha Jha
+65 6780 4359

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