By Christopher Alessi
MANNHEIM, Germany-German chemicals giant BASF SE (BAS.XE) on
Thursday posted a nearly 20% decline in net profit for the first
quarter of 2015, hurt by the low price of oil and charges related
to the company's share-based compensation program.
Net profit for the period ended March 31 was 1.17 billion euros
(1.30 billion), compared with EUR1.46 billion last year, missing
analysts' forecasts of EUR1.26 billion, according to a recent poll
by The Wall Street Journal.
Sales rose by 2.8% to EUR20.07 billion, boosted by currency
gains and higher volumes.
BASF's closely watched earnings before interest and taxes before
special items declined by 2% to EUR2.07 billion, largely
attributable to the group's positive share price performance, which
increased provisions for its share-based compensation program.
BASF reiterated its guidance for 2015, saying it expects EBIT
before special items to stay flat year-on-year, while sales should
increase slightly.
-Write to Christopher Alessi at christopher.alessi@wsj.com
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