FRANKFURT—German chemicals giant BASF SE on Tuesday cut its outlook for 2015, citing weak global economic growth, low oil prices and a recent asset swap with Russia's OAO Gazprom.

The world's largest chemicals company now expects a "slight decrease" in sales and earnings before interest and taxes before special items this year. BASF had initially been targeting a "slight increase" in sales and EBIT before special items to stay flat year-over-year.

BASF issued its revised full-year outlook as it reported a 19% jump in third-quarter net profit to €1.2 billion ($1.33 billion), compared with €1.01 billion for the same period last year, largely driven by gains from the asset swap with Gazprom that was completed at the end of September. The swap led to a reduced tax rate compared with the same period last year, the company explained.

The profit figure beat analysts' forecasts of a €1.01 billion, according to a recent poll conducted by The Wall Street Journal.

Sales dropped 5% to €17.42 billion, hurt by weaker sales at its basic chemicals division, which produces petrochemicals and monomers, as lower raw material costs contributed to pricing pressure.

However, the basic chemicals unit reported a slight increase in EBIT before special items, to €17 million, as a result of high margins in the petrochemicals unit.

BASF's overall EBIT before special items declined by 10%, to €1.6 billion, held back by weak earnings in the paper chemicals, agricultural chemicals and oil and gas divisions.

EBIT before special items at the Performance Products unit, which manufactures paper chemicals, plastic additives and leather chemicals, fell 15% to €319 million because of higher fixed costs from the startup of new plants and unfavorable currency effects.

The Agricultural Solutions business posted an 84% plunge in EBIT before special items plunge to €7 million, hurt by a depreciation of the Brazilian real and higher costs connected with capacity increases and inventory reduction.

EBIT before special items at the oil and gas division—wholly-owned subsidiary Wintershall AG—fell by 15% to €371 million because of a smaller contribution from the natural gas trading business following the swap with Gazprom.

BASF last month announced it would move forward with a previously canceled deal with Gazprom, whereby Wintershall sold its gas trading and storage operations in exchange for access to natural gas fields in Siberia. The two companies had called off the deal at the end of 2014 amid rising political tensions between Russia and Europe over the former's incursion in Ukraine.

Write to Christopher Alessi at christopher.alessi@wsj.com

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(END) Dow Jones Newswires

October 27, 2015 04:25 ET (08:25 GMT)