Jul 31, 2008
Bond 19% of operating earnings at BASF 2nd quarter
BASF, the first chemist global turnover, reported a jump of 19% of its operating profit in the second quarter thanks to higher oil prices and strong demand for its agrochemicals business.
* RESULTS.
The German giant has reached a profit before interest and tax (EBIT), excluding extraordinary items, of 2.41 billion euros.
The consensus of 18 analysts polled by Reuters gave 2.22 billion euros.
The operating profit before exceptional items in the oil and gas industry grew by 44% with soaring energy prices, and the agrochemical industry by 51%, driven by strong agricultural demand.
* FORECASTS.
BASF table always on a slight increase in sales and an improvement in its operating profit before exceptional items this year.
* REACTION.
"Demand for our products remains strong and the loss of summer is not very pronounced," said the announcement of the results CEO of BASF, Jürgen Hambrecht. "Selling prices have increased considerably in some cases so as to pass on the costs of raw materials increased significantly."
* COURSE OF SCHOLARSHIP.
The title BASF sells 0.95% to 40.76 euros on Thursday at mid-day on the Frankfurt Stock Exchange, while the European DJ Stoxx index of chemistry takes 0.16%.
The ratio of price / earnings BASF spring 2008 according to Reuters data at 10, less than the industry average of chemistry, particularly on fears of rising raw material costs.
by erectusplus at 5:38 AM |
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