BASF: quarterly profit down on higher fixed costs
(CercleFinance.com) - BASF's earnings dropped in the third quarter, as a result of higher fixed costs in its chemicals division, due to increased maintenance expenses.
The German company said that third-quarter income from operations (EBIT) before special items slumped to 1.47 billion euros, from 1.70 billion euros a year ago.
The drop was primarily due to lower margins for isocyanates - a product that helps enhance air quality inside cars - in the monomers division and for steam-cracker products - which are used in the manufacturing of plastics and vitamins - in the petrochemicals division, the group said.
Quarterly sales rose by 8% to 15.6 billion euros, helped by higher sales prices in all segments.
BASF shares are currently down 3.5% at 64.8 euros, lagging the pan-European STOXX Europe 600 Chemicals index, which is down 2.1%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The German company said that third-quarter income from operations (EBIT) before special items slumped to 1.47 billion euros, from 1.70 billion euros a year ago.
The drop was primarily due to lower margins for isocyanates - a product that helps enhance air quality inside cars - in the monomers division and for steam-cracker products - which are used in the manufacturing of plastics and vitamins - in the petrochemicals division, the group said.
Quarterly sales rose by 8% to 15.6 billion euros, helped by higher sales prices in all segments.
BASF shares are currently down 3.5% at 64.8 euros, lagging the pan-European STOXX Europe 600 Chemicals index, which is down 2.1%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.