BASF expects record year in 2010
Q3 results significantly higher than previous year
BASF has lifted its profit outlook for the full year after reporting strong third-quarter sales.
The Ludwigshafen, Germany based firm said it expected profit before interest, tax and special items (EBIT) to rise to more than €8bn for the full year.
Third-quarter sales rose by 23% to €15.8bn, while EBIT before special items rose 77% to €2.2bn.
Sales in the first nine months of 2010 rose 27% to €47.5bn, EBIT before special items increased 89% to €6.4bn.
Jürgen Hambrecht, BASF’s chief executive, said: ‘The record figures reflect the dynamics in our businesses, our improved portfolio and operational excellence.’
But Hambrecht said the positive economic development of the past months would not necessarily continue at the same pace in 2011. He suggested that reductions in government spending worldwide could dampen overall demand.
He added that volatile raw material markets and an increase in trade barriers could also pose a threat to the recovery.
BASF’s portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals as well as oil and gas.
