BASF reports 11% sales increase in Q1
German specialties chemical company, BASF, has reported an 11% increase in sales compared with the strong first quarter of 2004 to over €10 billion. Growth was said to be primarily due to price increases. Sales volumes were higher than in the first quarter of 2004, in particular in the Chemicals and Plastics segments.
The Performance Products segment increased earnings despite the divestiture of the printing systems business. Further reductions in fixed costs are said to have contributed to the positive earnings trend throughout the chemical businesses.
Compared with the first quarter of 2004, net income climbed 66% to €861 million.
“We are constantly improving our portfolio according to the motto ‘Building strengths and eliminating weaknesses.’ This creates the conditions that are needed to ensure that we will continue to earn a premium on our cost of capital in the future,” said Dr. Jürgen Hambrecht, chairman of the board of executive directors.
