BASF posts higher sales in third quarter

Following a solid first half, BASF SE, the world’s leading chemical company, said it maintained its good business performance during the third quarter. Higher volumes caused sales to rise by 8% to €19 billion (US$24.5 billion). The company’s less than €1 billion (US$1.2 billion) income and EBIT before special items was 5% higher compared to the same quarter of 2011. The lower earnings in the chemical business were offset by the higher contribution from the oil & gas and agricultural solutions segments.
Kurt Bock, chairman of the Board of Executive Directors of BASF SE, said the company does not anticipate an improvement in the global economy and in the demand on its chemicals business for the fourth quarter of this year.
“However, we still aim to exceed the 2011 record levels in sales and EBIT before special items,” said Bock. The forecast is supported by two factors: the resumption of the crude oil production in Libya; and BASF’s successful business with crop protection products.
“In this challenging environment, we are concentrating on our strengths and expanding our business, but we are also keeping an eye on the costs and are continuing to optimize our business processes,” Bock added. (October 25, 2012)