BASF eyes slight increase in EBIT for 2008

04 June 2008 17:19  [Source: ICIS news]

TORONTO (ICIS news)--BASF expects its full-year 2008 earnings before interest and tax (EBIT) before special items to rise slightly on the back of its growing business in Asia, especially China, a top executive from the German chemicals company said on Wednesday.

 

BASF aimed for Asia to contribute 20% of global sales and earnings in its chemicals business by 2010, with China contributing half, said Martin Brudermuller, head of the company’s Asia business.

  

The company’s forecast for 2008 was based on global gross domestic product (GDP) and chemical production growth of 2.8%, an average exchange rate of $1.50 per €1, and an average oil price of $90/bbl.

 

In February, BASF also projected 2.8% global chemicals growth but at the time its assumption for the euro was $1.45 and for oil $78/bbl of Brent crude.

 

Brudermuller's full presentation is available in the investor section of BASF's website.

 

For the 2008 first quarter, BASF recorded EBIT before special items of €2.35bn, up 11%, on sales of €15.9bn, up 9%.

 

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($1 = €0.65)

By: Stefan Baumgarten
+1 713 525 2653

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