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Net earns down 15.5 per cent, cites risks of China slowdown, slower global growth

Published on July 26, 2012; Published on July 26, 2012

Topics :: BASF , China , FRANKFURT , Ludwigshafen

FRANKFURT - Chemical and oil company BASF SE says its second-quarter net earnings dropped by 15.5 per cent and is pointing to growing economic risks — including slowing growth in China that dented Asian sales.

BASF said Thursday that it earned €1.23 billion ($1.49 billion) in the April-June quarter, down from €1.45 billion a year earlier. Revenue climbed 5.5 per cent to 19.48 billion from €18.46 billion.

The company held on to its outlook for the year, but scrapped its estimates for global growth and worldwide chemical and industrial production.

BASF, based in Ludwigshafen, Germany, makes industrial and farm chemicals and produces oil and gas.

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