By Kim Richters 
 

BASF SE said Thursday that first-quarter earnings fell amid the coronavirus pandemic, and it warned of significant sales volume decline in the next quarter.

The German chemicals company said net profit for the period was 885 million euros ($960.9 million), compared with EUR1.41 billion a year earlier.

Quarterly earnings before interest, taxes, depreciation and amortization declined 12% to EUR2.43 billion, while earnings before interest and taxes fell 18% to EUR1.46 billion.

EBIT before special items was EUR1.64 billion for the period, down from EUR1.75 billion a year earlier and mainly due to lower earnings in its Chemicals and Materials segments.

However, sales rose 7% to EUR16.75 billion, BASF said.

BASF's supervisory board decided to waive 20% of its fixed compensation from April until end of 2020, while its executive board will waive 20% of fixed salaries for 2Q.

The company late Wednesday withdrew its guidance for the year due to the pandemic but maintained its 2019 dividend proposal.

It now said it expects significant sales volume decline in 2Q and a slow recovery for 3Q and 4Q this year.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

April 30, 2020 01:50 ET (05:50 GMT)

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