06 May 2011 11:17 [Source: ICIS news]
(Adds regional sales results, quotes and investment plans.)
LONDON (ICIS)--BASF’s first-quarter net income more than doubled to €2.41bn ($3.49bn) from €1.03bn in the same period a year earlier, because of strong sales and increased capacity utilisation, the German chemicals major said on Friday.
Sales in the first quarter rose by 25% year on year to €19.4bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 28% to €3.37bn, BASF said in a statement.
BASF said it achieved double-digit earnings growth in all regions.
“The Cognis businesses acquired in December 2010 made a significant contribution to this substantial sales growth,” said BASF CEO Jurgen Hambrecht, who will be replaced on Friday by Kurt Bock, BASF’s CFO.
BASF said capacity utilisation rates at its plants were good and demand in its chemicals business – chemicals, plastics, performance products and functional solutions – increased compared with the 2010 first quarter.
“Despite strong increases in raw materials costs, income from operations before special items rose by 40% to €2.7bn,” Hambrecht added.
BASF said the recent earthquake in
“The company expects a higher annual average oil price. Therefore, the previous forecast of $90 per barrel has been raised to $100 per barrel,” BASF said.
Hambrecht also said that BASF is to expand its presence in
Last month, BASF started building a methyl di-p-phenylene isocyanate (MDI) complex in
($1 = €0.69)
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