BASF posts strong quarterly results

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The German chemicals giant BASF said Wednesday that its preliminary third quarter sales gained 23 percent to 15.8 billion euros (21.8 billion dollars), and raised its outlook for the full year.

With the nine-month figure jumping by 27 percent from the same period a year earlier to 47.5 billion euros, the company said full-year sales should reach about 63 billion euros.

Adjusted core earnings before interest and tax leapt by 89 percent to 6.4 billion euros in the third quarter, and BASF said they could exceed eight billion euros this year.

Core earnings have already surpassed levels reached in 2007 and 2008, it noted.

BASF nonetheless pointed to risks that included volatile prices for raw materials and foreign exchange rates, surplus capacity, geopolitical tensions and the threat posed by protectionism.

The 2010 pace might not continue into next year, the company added.

Shares in the group showed a slight gain of 0.20 percent to 50.74 euros in early trading on the Frankfurt stock exchange, while the DAX index of German blue-chips was 0.19 percent lower overall.

© 2010 AFP

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