BASF posts preliminary Q3 EBIT of €1.25bn, down 20%

14 October 2009 10:36  [Source: ICIS news]

BASF CEO Jurgen HambrechtLONDON (ICIS news)--BASF posted preliminary third-quarter earnings before interest and tax (EBIT) and special items of €1.25bn ($1.87bn), down 20% on the same period last year due to weak markets, the German chemical giant said on Wednesday.

Sales for the three-month period ending 30 September would be down 19% year on year at €12.8bn, the company added in a statement.

However, sales and EBIT figures were expected to be slightly up on the second quarter.

“The earnings improvement in the third quarter reflects BASF’s operational strength. Restructuring measures and efficiency programmes are showing effect,” the company said.

BASF said growth was evident in Asia - particularly China - and in South America.

“Overall, markets have stabilised at a low level. The recovery is slow and remains fragile,” the company added.

The figures exceeded the consensus of analysts’ estimates, according to BASF.

BASF will present its full third-quarter results including all its earning figures on 29 October.

($1 = €0.67)

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