Performance products earnings up as BASF reports Q1 decline
29/04/2016
BASF said it preferred not to give a specific figure for the performance of its leather chemicals, but said earnings in its performance products segment, which includes the products it makes for the leather industry, were higher than a year ago. Sales in performance products brought in revenues of €3.8 billion, 6% below the level of the first quarter last year, but earnings increased by almost 6% to €547 million.
It said its sales decline overall was “largely on account of the divestiture of the gas trading and storage business”, which contributed €4.2 billion to sales in the first quarter of last year.
For 2016, BASF anticipates “a continuation of the currently challenging conditions along with substantial risks”. However, it is aiming to increase sales volumes in all segments this year.
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