BASF net profit soars 27%

Published: 31-Jul-2008

Chemical specialist BASF today announced a second-quarter 2008 profit rise of 27%, with net profit in the April-June period rising to €1.3bn, compared to €1bn in 2007. Sales were also up by 11% to €16.3bn from €14.7bn last year.


Chemical specialist BASF today announced a second-quarter 2008 profit rise of 27%, with net profit in the April-June period rising to €1.3bn, compared to €1bn in 2007. Sales were also up by 11% to €16.3bn from €14.7bn last year.

BASF cited growing returns from its energy exploration and production division as the primary reason for its strong second-quarter performance. The German company’s Wintershall unit, which explores for, produces and trades natural gas and oil, actually benefited from the recent rise in energy prices.

However, BASF is aware what rising inflation could spell for it. “Demand for our products remains strong, and the summer lull does not seem to be very pronounced. However, sales prices have to be increased considerably in some cases in order to pass on significantly higher raw material costs,” said Jürgen Hambrecht, chairman of the board of executive directors of BASF, during his presentation of the company’s latest results.

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