LUDWIGSHAFEN (dpa-AFX) - BASF SE (BFA.L, BASFY.PK) reported that its preliminary net income for the first quarter of 2022 was 1.22 billion euros, considerably below the figure for the prior-year quarter of 1.718 billion euros and considerably below average analyst estimates for the first quarter of 2022.
This was due to impairment charges recognized by Wintershall Dea, particularly for loans to Nord Stream 2 AG, which BASF included in its net income from shareholdings on a proportional basis (72.7%) with around 1.1 billion euros.
Quarterly sales increased year-over-year 19 percent to 23.08 billion euros. This was mainly driven by higher prices; currency effects, mainly relating to the U.S. dollar, had a slightly positive effect. Sales thus slightly exceeded average analyst estimates for the first quarter of 2022.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
