05 September 2012 18:42 [Source: ICIS news]
LONDON (ICIS)--BASF’s view of the second half is unchanged from July when it released its first-half financial results and gave its most recent outlook, CEO Kurt Bock said on Wednesday.
“We do not expect global economic growth to pick up in the second half of 2012,” BASF said in its note to investors at the time. “Prospects are dampened by increased uncertainty, especially in the eurozone, and by slower growth in Asia. Nevertheless, we still aim to exceed the 2011 record levels in sales and income from operations before special items.”
BASF said it expected second-half sales and earnings to be higher than those reported for the second half of 2011. Its forecast assumptions were based on global GDP growth of 2.3% from 2.7% in an earlier 2012 forecast and chemical production of 3.5% compared with an earlier 4.1% forecast.
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