BASF’s BIL reports steep decline in quarterly net profit

19 January 2009 15:38  [Source: ICIS news]

NEW DELHI (ICIS news)--BASF India Limited (BIL) has reported a 96.27% decline in its net profit to rupees (Rs) 4.1m ($84,293) in the quarter that ended 31 December 2008, down from Rs110m a year ago, the company said on Monday.

“The economic slowdown and steep fall in prices since September 2008 affected sales and profitability of some of the segments,” the company said.

The fall was caused by a decline in sales across all four BIL divisions and operating losses in the performance products and plastics segments, BIL said.

Net sales decreased by 9% to Rs2bn from Rs2.2bn. Operating income, however, rose to Rs54m from Rs24m. The operating profit decreased by 97.87% to Rs12m from Rs565m.

BIL, a subsidiary of German major BASF, has plants at three locations in India.

BIL’s four divisions are: plastics and fibres; chemicals, which is comprised of inorganics, intermediates and petrochemicals; agricultural products and nutrition, which is comprised of agrochemicals and fine chemicals used in food, animal feed and pharmaceuticals, as well as cosmetics; and performance products, which is comprised of leather, textile and other specialty chemicals.

($1 = Rs48.64)

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By: Naresh Minocha
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