Germany’s BASF Q3 net profit grows 18.5%, sales up 1.5%

25 October 2013 06:37 Source:ICIS News

SINGAPORE (ICIS)--BASF’s third-quarter net profit grew 18.5% year on year to €1.10bn ($1.53bn) on the back of a 1.5% increase in sales, the German chemicals firm said on Friday.

Sales for the three months ending September 2013 stood at €17.7bn compared with €17.5bn in the same period last year, the company said in a statement, citing increased volumes, particularly in the oil & gas segment.

Third-quarter earnings before interest and tax (EBIT) before special items were up 15% to €1.7bn, while operating income was up 19.9% year on year to €1.68bn, it said.

For the first nine months of the year, BASF had a 3.6% decline in net profit to €3.70bn despite a 3.1% increase in sales to €55.8bn.

EBIT before special items for the period rose 5.9% year on year to €5.7bn, while operating income dipped 0.9% to €5.62bn, it said.

“We do not anticipate an upturn in the global economy for the fourth quarter of 2013. The environment is likely to remain challenging: We anticipate uneven development marked by economic uncertainty,” BASF chairman Kurt Bock said in the statement.

“Currency effects will continue to negatively impact sales and earnings in the fourth quarter. Nevertheless, we still aim to exceed the 2012 levels in sales and EBIT before special items,” he said.

($1 = €0.72)

By Pearl Bantillo