Germany’s BASF second quarter net profit up 23% to €1.45bn

28 July 2011 06:35  [Source: ICIS news]

SINGAPORE (ICIS)--BASF’s second-quarter net income rose by 23% to €1.45bn ($2.07bn) from €1.18bn in the same period a year earlier, on the back of strong sales, the German chemicals major said in a statement on Thursday.

Sales in the second quarter rose by 13.9% year on year to €18.5bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 5.2% to €3.01bn, BASF said.

“The economic environment in the first half of 2011 was favourable for our business. Our numbers show that we successfully took advantage of this momentum,” said Kurt Bock, chairman of BASF’s board of executive directors.

In the chemical segment, sales were significantly higher at €3.39bn than the level of the previous second quarter when sales were €2.97bn, an increase of 14%, it said.

“Demand for our products [in the chemical segment] continued to be strong and sales volumes increased… Due to the impact of scheduled and non scheduled plant shut downs, we were not able to quite match the earning levels of the previous second quarter,” it added.

($1 = €0.70)

For more on BASF, visit ICIS company intelligence

 


By: Tahir Ikram
+65 6780 4359



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