BASF 2Q Sales Fell, Profit Jumped Due to Wintershall Spinoff
25 Juli 2019 - 08:17AM
Dow Jones News
By Kim Richters
BASF SE (BAS.XE) said Thursday that second-quarter profit jumped
while sales fell after the company booked a sizeable gain from the
spin-off of its oil-and-gas business.
The chemical company's net profit grew to 6.46 billion euros
($7.20 billion) from EUR1.48 billion in the same period a year
earlier. The boost was predominantly due to the merger of BASF's
oil-and-gas business Wintershall and DEA Deutsche Erdoel AG, which
was completed in May.
Sales fell to EUR15.16 billion from EUR15.78 billion.
The German company said its earnings before interest and taxes
before special items--which strips out the effects of the
oil-and-gas deal--was EUR1.05 billion.
The company said the macroeconomic environment became
challenging in the second quarter. "There is currently high
uncertainty, low visibility and poor predictability," Chief
Executive Martin Brudermueller said.
BASF backed its outlook for the full year, which it adjusted in
early July. It now forecasts a slight decline in sales and a drop
of up to 30% in EBIT before special items.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 25, 2019 02:02 ET (06:02 GMT)
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