Sales up 30% at BASF
Following a positive first quarter, German chemicals company BASF continued to gain momentum during the second quarter. Sales rose 30% compared with the previous year to €16.2 billion, while second-quarter income rose 94% to €2.2 billion.
Sales for the first six months increased 28% to €31.7 billion and income rose 96% to €4.2 billion. These increases were driven by high demand in the chemicals, plastics, functional solutions and performance products segments. Sales were up across all of its geographic regions.
Jürgen Hambrecht, BASF’s chief executive, said the company expects sales to outpace global chemical production in 2010. He said the firm expects economic recovery to continue at a moderate pace during the second half of the year.
“The necessary consolidation of government budgets around the world will dampen demand, as will the winding down of national stimulus programmes,” Mr Hambrecht said. “Other risks are primarily associated with volatile raw materials markets, excess capacities, growing geopolitical tensions and protectionism.
