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BASF sticking to targets after a solid revenues in the first quarter

FRANKFURT--BASF, the world's biggest chemicals group, said on Friday it got off to a good start to the year in the first three months and is sticking to its full-year targets.

“We had a good start to the year in our chemicals business and in the agricultural solutions segment,” chief executive Kurt Bock told shareholders at the group's annual meeting.

“We sold more. This more than compensated for the negative effects on sales from the comparatively weak U.S. dollar and currencies in emerging markets.”

In the period from January to March, net profit rose by 2.1 percent to 1.477 billion euros (US$2.0 billion) and underlying or operating profit was up 3.7 percent at 2.249 billion euros.

Sales, on the other hand, slipped by 1.1 percent to 19.512 billion euros, as a result exchange rate developments and lower revenues in oil and gas due to the mild winter.

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