German chemicals company BASF has posted positive financial results for the first quarter of 2007 and is predicting further growth in 2007.

Compared with the same period in 2006, sales rose 17% to €14.6 billion ($19.9 million). This was primarily attributed to acquisitions completed in 2006, as well as higher volumes and sales prices in the chemical businesses. Disregarding currency effects, sales increased 21%. Net income rose 9% to more than €1 billion.

Earnings in the Chemicals segment almost doubled, and were significantly higher in all divisions. In the Fine Chemicals division, earnings increased as a result of the restructuring measures initiated in 2006 and the contribution from the acquired personal care business.

From a geographical perspective, sales in Europe increased 14%, whilst in the North America business sales increased 23% in dollar terms and 15% in euro terms. In Asia Pacific, sales increased 37% in local currency terms and 28% in euros. In South America, Africa and the Middle East, first quarter sales rose 49% in local currency terms and 41% in euros.

Growth for full year 2007 is expected to be 3.2%.