BASF starts to see improvement
Germany-based chemicals company BASF’s sales and earnings were again negatively impacted by the ongoing global economic crisis during the second quarter of 2009. The effects on business were especially pronounced in the chemicals, plastics and functional solutions segments.
Second-quarter sales dropped 23% to €12.5 billion. Lower volumes and prices contributed 18% and 13%, respectively, to the sales decline.
Sales in the first half of 2009 totalled €24.7 billion, 23% less than in the same period of 2008. Income from operations fell 55% in the first half to approximately €2.1 billion.
Chief financial officer, Dr Kurt Bock, said in a conference call: “Overall, we think that the downturn seems to have bottomed out and there seems to be stabilidation at a low level. The trough appears to have been reached in North America, and
