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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets
- Stats: Turkey’s 2020 polymer imports set to beat the 2017 record
- China PP, PE markets close 2020 on a soft note; SE Asia feels pressure
- Stats: China’s total PE imports down for 2nd month in November
- Egypt PET markets poised to end the year on a strong note
- China ABS prices move below SEA after 8 months
- Sentiment in Turkey’s PP, PE markets defies faltering in China