BASF: posts fall in second-quarter operating profit
(CercleFinance.com) - German chemicals giant BASF on Wednesday posted a 77% decline in operating profit for the second quarter of 2020, hurt by weak demand due to the Covid-19 pandemic.
Income from operations (EBIT) before special items for the period ended 30 June came in at 226 million euros, from 995 million euros a year ago, the group said.
Excluding the nutrition and care unit - which increased earnings - and its agricultural business - where earnings were flat - all other divisions posted lower earnings, BASF said.
The chemicals and materials divisions represented 70% of the earnings decline, it pointed out.
Due to an impairment of its stake in Wintershall Dea on the back of the drop in oil and gas prices, BASF posted a net loss of 878 million euros for the past quarter.
Total sales fell by 12% to 12.7 billion euros, mainly due to lower sales volumes resulting from lockdowns, but also driven by a 1% decrease in prices.
The Frankfurt-listed shares were down almost 5% in early morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Income from operations (EBIT) before special items for the period ended 30 June came in at 226 million euros, from 995 million euros a year ago, the group said.
Excluding the nutrition and care unit - which increased earnings - and its agricultural business - where earnings were flat - all other divisions posted lower earnings, BASF said.
The chemicals and materials divisions represented 70% of the earnings decline, it pointed out.
Due to an impairment of its stake in Wintershall Dea on the back of the drop in oil and gas prices, BASF posted a net loss of 878 million euros for the past quarter.
Total sales fell by 12% to 12.7 billion euros, mainly due to lower sales volumes resulting from lockdowns, but also driven by a 1% decrease in prices.
The Frankfurt-listed shares were down almost 5% in early morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.