BASF’s net profit drops 27% in Q3
It is reported that earnings per share dropped 26% to €0.97 compared to €1.31 in the previous year. The company’s sales in the third quarter also fell 19.6% to €14 billion in line with analysts’ forecasts in a survey conducted by Reuters.
The company’s operating profit fell by 5.4% to €1.5 billion ($1.7 billion) in the third quarter, beating analysts’ estimates calling for €1.3 billion.
The company’s EBIT before special items fell 5% to €1.52 billion ($1.65 billion) due to lower earnings in the oil and gas divisions while EBIT before special items in the chemicals business and the Agricultural Solutions segment increased.
BASF’s quarterly sales fell by 20% to €14.01 billion from €17.42 billion in the previous year. The decrease in sales is attributed to the divestment of the storage business and gas trading. BASF expects overall sales for 2016 to drop considerably due to the divestitures and lower prices of oil and gas.
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