BASF earnings down 8% in Q1
03/05/2016
Earnings before interest and tax (EBIT) were €1.9 billion, compared to the €2 billion reported in the first quarter of 2015. Rising orders in March helped BASF overcome more negative profit projections.
“In the first two months of the year, customers maintained a very cautious ordering approach. In March, however, business picked up in many of our divisions,” said finance chief Hans-Ulrich Engel.
Sales meanwhile fell 29% from €20.1 billion in 2015 to €14.2 billion in 2016. This was principally caused by the divestiture of the company’s trading and storage business, which contributed €4.2 billion to sales in Q1 of 2015.
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