Germany’s BASF announces financial results for Q4 2014
For the full year of 2014, the company’s full year net income reached €5.155 billion, up 7.6% from 2013 while full-year sales increased 0.5% year over year to €74.32 billion from €73.97 billion in the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 5.9% on the year to €11.04 billion in 2014 compared with €10.43 billion in 2013.
BASF’s revenues from the petrochemicals segment surged 10% in the fourth quarter on the back of the stronger US dollar and the US business as well as a strong performance in farming pesticides. However, the oil and gas segment saw a 31% drop in operating income to €347 million due to low crude oil prices. The company’s sales in the fourth quarter slightly increased to €18 billion.
Meanwhile, the company also reported that they expect the Brent crude price to stay around $60 to $70 per barrel this year. According to BASF, revenues in the chemical and pharmaceutical industry will decrease this year because of weaker demand from Europe and increasing competition.
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