Thursday 30. July 2009
BASF improves earnings after weak start to the year
Sales and earnings from operations (EBIT) before special items slightly higher than in previous quarter; First half 2009: sales down 23.3%, EBIT before special items down 55.4% compared with same period of 2008; Industrial business stabilizes at low level; trough seems to be reached in North America, China again growing faster; Global measures to increase efficiency and reduce costs make an impact; Special charges related to Ciba; expected annual synergies of at least 400 million; Overall, no lasting upturn in business in sight: cost of capital unlikely to be earned in 2009