Germany’s BASF Q2 net profit falls 4.2%, sales rise 2.9%

25 July 2013 06:50  [Source: ICIS news]

SINGAPORE (ICIS)--BASF posted a second-quarter net profit of €1.16bn ($1.53bn), down by 4.2% year on year, citing “challenging conditions”, the German chemical giant said on Thursday.

Sales for the June quarter were up 2.9% to €18.4bn, with operating profit rising by 5.8% to €1.77bn, the company said in a statement.

Operating profit before special items in the three months to June was down 5.4% to €1.83bn, it said.

In the first half of 2013, the company’s net profit fell 10.6% year on year to €2.60bn.

Sales for January-June 2013 increased 3.9% year on year to €38.1bn, with operating profit declined 7.8% to €3.94bn, BASF said.

Before special items, its first-half operating profit rose 2.5% year on year to €4.05bn, it said.

BASF has turned more conservative in its projections on the global economy, shaving its GDP forecast for this year to 2.0% from 2.4% previously, the company said.

It further projects a slowdown in global industrial production, with growth decelerating to 2.7% from 3.4% previously, while chemical production would rise at a slower rate of 3.1% from 3.6%.

BASF is estimating the average oil price this year at $105/bbl, down from its earlier projection of $110/bbl.

“Despite this, we still aim to exceed the 2012 levels in sales and EBIT before special items,” BASF chairman Kurt Bock said in the statement.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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