Chemical & oil firm BASF SE sees profit fall 21%, holds on to outlook
October 26, 2012, 12:03 am TWN
FRANKFURT, Germany -- Chemicals and oil company BASF SE says profits fell 21 percent in the third quarter as its chemicals business suffered from lower demand and troubles at a key Texas facility.
Stronger oil sales helped soften the blow now that now that the company's facilities in Libya are working again after being shut down by fighting last year.
BASF, based in Ludwigshafen, Germany, held on to its profit outlook for the rest of the year but cut its prediction for global growth.
Net profit fell to 946 million euros from 1.19 billion euros in the same quarter a year ago. Sales rose 8 percent to 19 billion euros.
Its chemicals division faced lower prices for its products in a slowing global economy. It also had unexpected shutdowns at the division's Port Arthur, Texas facility.