BASF, A Chemical Giant, Predicts That Profits Will Fall This Year.
BASF, a chemical giant, expects sales and profits to decline in 2009.
German industrial giant BASF said on Thursday that sales in 2009 were expected to decline due to the lack of signs of demand for its main customers in the automotive and construction industries, and that operating profits may experience a bigger decline.
In 2009, BASF CEO JuergenHambrecht said in a statement: "2009 will be a year full of unprecedented challenges. The situation in our sales market is deteriorating, and inventory in all aspects of the value chain is still too high." BASF expects its global chemical output to decline by 2% in 2009.
As the world's largest chemical manufacturer, BASF deducted the one-time EBIT profit in the fourth quarter of last year (interest and tax profits) fell 70% to 526 million euros ($670 million 300 thousand), less than the average estimate of 555 million euros of 16 analysts surveyed by Reuters. Over the same period, sales fell by 2.7% to 14 billion 300 million euros, higher than analysts' average forecasts of $13 billion 100 million.
Even so, BASF has fallen 45% in the past six months, even better than its main rival Dow Chemical and DuPont Co. Dow and DuPont shares fell 77% and 56% respectively over the same period.
Editor in chief: Xu Qiyun
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