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1 Year : From Mar 2019 to Mar 2020
By Kim Richters
BASF SE (BAS.XE) said Thursday that second-quarter profit jumped while sales fell after the company booked a sizeable gain from the spin-off of its oil-and-gas business.
The chemical company's net profit grew to 6.46 billion euros ($7.20 billion) from EUR1.48 billion in the same period a year earlier. The boost was predominantly due to the merger of BASF's oil-and-gas business Wintershall and DEA Deutsche Erdoel AG, which was completed in May.
Sales fell to EUR15.16 billion from EUR15.78 billion.
The German company said its earnings before interest and taxes before special items--which strips out the effects of the oil-and-gas deal--was EUR1.05 billion.
The company said the macroeconomic environment became challenging in the second quarter. "There is currently high uncertainty, low visibility and poor predictability," Chief Executive Martin Brudermueller said.
BASF backed its outlook for the full year, which it adjusted in early July. It now forecasts a slight decline in sales and a drop of up to 30% in EBIT before special items.
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(END) Dow Jones Newswires
July 25, 2019 02:02 ET (06:02 GMT)
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