LUDWIGSHAFEN (dpa-AFX) - German chemicals giant BASF SE (BFA.L, BASFY.PK) reported Wednesday that its second-quarter net income declined by 173 million euros to 1.092 billion euros.
Earnings per share were 1.19 euros, compared to 1.38 euros in the same period of 2015. Adjusted for special items and amortization of intangible assets, earnings per share amounted to 1.30 euros, compared to prior year's 1.49 euros.
Income from operations or EBIT before special items went down 16% to 1.7 billion euros, primarily owing to the significantly smaller contributions from the Oil & Gas segment.
EBITDA was down by 204 million euros to 2.79 billion euros.
Sales decreased 24% from last year to 14.5 billion euros, mainly due to the divestiture of the gas trading and storage business as part of the asset swap with Gazprom at the end of September 2015. In addition, lower raw material prices led to a drop in sales prices. All divisions experienced negative currency effects.
Except for Agricultural Solutions, all segments contributed to a slight increase in sales volumes.
Copyright RTT News/dpa-AFX