Germany’s BASF Q3 net profit falls 20.6% on lower chems earnings

25 October 2012 06:40  [Source: ICIS news]

SINGAPORE (ICIS)--BASF’s third-quarter net profit declined by 20.6% year on year to €946m ($1.23bn), partly on lower earnings from its chemicals segment, the German company said on Thursday.

Sales for the three months to September grew 8.0% to €19.0bn, with operating income rising 6.4% to €2.00bn, the company said in a statement.

“Earnings [for chemicals] declined considerably, owing to lower margins as well as to plant shutdowns in the petrochemicals division,” BASF said.

In the first nine months of the year, BASF posted a net profit of €3.90bn, down by 22.9% from the previous corresponding period.

Sales for January-September 2012 were up 6.6% year on year to €59.1bn, BASF said.

Earnings before interest, tax (EBIT) before special items for the period increased 2.3% to €7.09bn, it said.

“BASF does not anticipate an upturn in the global economy or in demand in its chemicals business for the fourth quarter of 2012,” the company said in the statement.

BASF said it is still aiming for 2012 sales and EBIT before special items to exceed record levels in 2011.

But “earnings from the chemicals business in 2012 will not match the level of the previous year,” it said.

($1 = €0.77)

By: Pearl Bantillo
+65 6780 4359

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