BASF sees profit fall 21 pct, holds on to outlook
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 (EURO)946 million from (EURO)1.19 billion in the same quarter a year ago. Sales rose 8 percent to (EURO)19.0 billion.
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.