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BASF’s Q2 profit falls behind expectations

by ChemOrbis Editorial Team -
  • 27/07/2016 (14:31)
According to media reports, Germany’s BASF’s second quarter profit fell behind analyst’s expectations due to weaker demand on crop chemicals and lower oil prices.

In a statement on the company’s website dated July 27, it is reported that earnings before interest, taxes and one-time items dropped 16% to €1.71 billion ($1.88 billion) in the second quarter, missing analyst’s estimates calling for €1.76 billion in a survey conducted by Bloomberg. Quarterly sales also fell 24% to €14.48 billion, falling behind an analyst’s €15.2 billion forecast.

BASF restated that profit and sales will plunge this year since lower crude prices hurts its oil and gas unit Wintershall.
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