LUDWIGSHAFEN (dpa-AFX) - German chemicals giant BASF SE (BFA.L, BASFY.PK) Thursday posted a surge in profit for the second quarter, helped by the book gain from the deconsolidation of Wintershall. Sales declined 4 percent, dented by lower prices and sales volumes.
For the quarter, the Group's net income surged to 6.5 billion euros from 1.5 billion euros, while earnings per share rose to 7.03 euros from 1.61 euros last year. This was attributed to the book gain from the deconsolidation of Wintershall, following the completion of Wintershall-DEA merger.
However, adjusted earnings per share slid to 0.82 euros from 1.77 euros in the prior-year quarter. On an adjusted basis, excluding special items, EBITDA was down 27 percent, while EBIT fell 47 percent over last year.
The Group's sales for the second quarter slid by 4 percent to 15.2 billion euros. Prices were down by 2 percent, mainly driven by the isocyanates and cracker products businesses. Sales volumes decreased by 6 percent. All segments recorded lower volumes, except for Nutrition & Care, BASF said.
Looking ahead to the full year, the Group now sees a slight decline in sales and EBIT before special items to decline up to 30 percent.
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