High oil prices underpin record BASF profits
Friday, 1 August 2008
FRANKFURT, July 31 (AFP): BASF, the world's biggest chemical company, BASF, post record profit results for the second quarter today, boosted by high oil prices.
Net profit jumped by 27 per cent to 1.3 billion euros (2.02 billion dollars), while operating profit, which the group uses in its forecasts, gained 19 per cent to 2.4 billion euros, a statement said.
Sales rose by 11 per cent to 16.3 billion euros.
Analysts polled by Dow Jones Newswires had expected net profit of 1.103 billion euros and sales of 15.629 billion.
BASF nonetheless tempered its forecasts for the full year, saying only that it foresaw a rise in sales and a small rise in core earnings before exceptional items.
"Despite the challenging economic environment with high raw material costs, we are confident that we will achieve the goals we have set for 2008," chairman Juergen Hambrecht was quoted as saying.
Net profit jumped by 27 per cent to 1.3 billion euros (2.02 billion dollars), while operating profit, which the group uses in its forecasts, gained 19 per cent to 2.4 billion euros, a statement said.
Sales rose by 11 per cent to 16.3 billion euros.
Analysts polled by Dow Jones Newswires had expected net profit of 1.103 billion euros and sales of 15.629 billion.
BASF nonetheless tempered its forecasts for the full year, saying only that it foresaw a rise in sales and a small rise in core earnings before exceptional items.
"Despite the challenging economic environment with high raw material costs, we are confident that we will achieve the goals we have set for 2008," chairman Juergen Hambrecht was quoted as saying.