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  HOME | Oil, Mining & Energy (Click here for more)

BASF Fourth-Quarter Profit Doubles on Higher Sales Volumes, Prices

LUDWIGSHAFEN, Germany Chemicals company BASF said on Tuesday that its fourth-quarter net profit more than doubled due in part to higher sales volumes across most of its units and higher prices for its chemical products, according to a report from Dow Jones.

Net profit for the quarter was 1.54 billion euros ($1.90 billion) up from 689 million euros a year earlier, while sales rose 8 percent to 16.10 billion euros, BASF said.

Earnings before interest and taxes (EBIT) before special items was 1.86 billion euros, up from 1.20 billion euros a year earlier.

BASF attributed the rise to higher sales volumes across all its business lines except oil and gas, as well as higher earnings from its chemicals, agricultural and oil-and-gas businesses, which offset lower earnings from its functional-materials and performance-products segments.

The company said it expected slight sales growth and slight growth in EBIT before special items for 2018, the Dow Jones report added.

BASF said it would propose a dividend of 3.10 euros up from 3.00 euros a share for 2016.

 

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