BASF: hit by profit warning
(CercleFinance.com) - The BASF stock is tumbling 4.
8% in Frankfurt today, hit after the group made a profit warning on Friday evening, with the company now expecting its operating profit excluding extraordinary items to fall by 15% to 20% in 2018, against a previously expected fall of up to 10%.
Behind these reduced forecasts, the group cites a sharper fall in isocyanate prices and steam cracker margins, the lower level of the river Rhine and a significant slowdown in Chinese demand, which will hit its automobile business.
In addition to this, the German chemicals giant also expects this year to see a significant decline in its operating profit, as reported, with its revenues falling by up to 5%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
8% in Frankfurt today, hit after the group made a profit warning on Friday evening, with the company now expecting its operating profit excluding extraordinary items to fall by 15% to 20% in 2018, against a previously expected fall of up to 10%.
Behind these reduced forecasts, the group cites a sharper fall in isocyanate prices and steam cracker margins, the lower level of the river Rhine and a significant slowdown in Chinese demand, which will hit its automobile business.
In addition to this, the German chemicals giant also expects this year to see a significant decline in its operating profit, as reported, with its revenues falling by up to 5%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.