BASF: Q1 operating profit resists soaring costs

(CercleFinance.com) - On Friday BASF reported growth in Q1 operating profit, thanks to strong growth at its chemicals business, which helped offset soaring energy and raw materials costs.


This morning the German giant reported quarterly EBIT (excluding extraordinary items) of 2.8 billion euros, up 21% y-o-y.

However, net profit fell to 1.2 billion euros from 1.7 billion euros a year ago, due to past impairment charges on the Russian assets of its energy subsidiary Wintershall Dea following the conflict in Ukraine.

Sales rose by 19% to almost E23.1 billion.

For 2022, BASF still expect sales of 74 to 77 billion euros for an Ebit excluding extraordinary items of 6.6 to 7.2 billion euros.

This publication was received lukewarmly by the market on Friday morning, with the share up only 0.2% in early trading on the Frankfurt stock exchange, signing one of the worst performances of a DAX index that was up 1.7% at the same time.



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