31 July 2008 07:21 [Source: ICIS news]
MUMBAI (ICIS news)--Germany’s BASF has posted a 19% year-on-year increase in its second-quarter earnings before interest and tax (EBIT) to €2.4bn ($3.75bn), on a rise in demand for its products and higher sales price, the chemical major said on Thursday.
“Demand for our products remains strong and the summer lull does not seem to be very pronounced. However, sales prices have to be increased considerably in some cases in order to pass on significantly higher raw material costs,” said Jurgen Hambrecht, chairman of the board of executive directors.
For the quarter, the company’s sales grew 11% to €16.3bn on a strong performance in its agrochemicals products, it said.
For the first-half period, the company’s sales increased 10% to €32.2bn and its EBIT increased rose 15% to €4.8bn, BASF said.
“Despite the challenging economic environment with high raw material costs, we are confident that we will achieve the goals we have set for 2008. Assuming that there are no changes to BASF’s portfolio, we aim to increase sales and to improve EBIT before special items slightly,” said Hambrecht.
($1 = €0.64)
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