Germany’s BASF Q2 net profit falls 15.5%, sales up 5.5%

26 July 2012 06:30  [Source: ICIS news]

SINGAPORE (ICIS)--BASF’s second-quarter net profit fell by 15.5% year on year to €1.23bn ($1.5bn), while sales increased 6% year on year to €19.5bn, the German chemical producer said on Thursday.

Its income from operations in the June quarter 2012 inched up 0.5% to €2.23bn, the company said in a statement.

In the first six months of the year, BASF’s net profit declined by 23.6% year on year to €2.95bn, but income from operations was up 12.2% to €5.35bn.

Sales in January-June 2012 grew 5.9% to €40.1bn, it said.

“BASF does not expect an upturn in demand in the second half of 2012 compared with the first six months of the year,” the statement said.

The company said that pressure on margins will continue, although at a lesser degree given slightly lower raw material costs, it said.

“We still aim to exceed the 2011 record levels in sales and EBIT before special items,” said BASF chairman Kurt Bock in the statement.

($1 = €0.82)

By: Pearl Bantillo
+65 6780 4359

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