BASF first quarter sales up 2.5%
German chemicals giant, BASF, has described its first quarter 2004 performance as consistent due to its clear strategy for long term success. Sales increased 2.5% year-on-year and were up 8.4% excluding negative currency effects.
Earnings improved in all segments with the exception of Oil and Gas. Income from Operations (EBIT) before special items rose 21% to €1.1 billion with all regions reporting an increase. In
Dr. Jürgen Hambrecht, chairman of BASF Aktiengesellschaft’s Board of Executive directors, said: “Driven by the dynamically growing economies in the Far East – especially in China – and by solid growth in North America, we are seeing synchronised growth in the global economy for the first time in years”
For 2004, he said he expects a negative impact on business due to persistently high and volatile raw materials costs and a relatively weak dollar and remains optimistic with regard to his prognosis for the year.
