SINGAPORE (ICIS)--BASF’s net income for the first quarter of 2014 rose by 2.1% year on year to €1.48bn on the back, partly on improved sales in its agriculture solutions segment, the Germany-based chemicals producer said on Friday.
Sales in the agriculture solutions segment rising 6% to €1.65bn, but the company's overall sales in the first quarter declined by 1.1% to €19.5bn, the company said in a statement.
In the chemicals segment, sales were largely unchanged at €4.40bn, it said.
BASF's March-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 3.4% to €2.95bn, while operating profit grew 3.7% to €2.25bn, it said.
EBIT before special items in the first quarter fell 3.3% to €2.14bn.
“We had a good start to the year in our chemicals business and in the agricultural Solutions segment, BASF chairman Kurt Bock said in the statement.
“We sold more. This more than compensated for the negative effects on sales from the comparatively weak US dollar and currencies in emerging markets,” he said.
For 2014, the company expects faster growth in global economy.
“We expect to perform well in a market environment that remains volatile and challenging. We therefore stand by our outlook for 2014 despite unfavourable currency developments. We expect a slight rise in EBIT before special items,” it added.