Ludwigshafen, Germany - Sales of polyurethane products at BASF were up 7 percent year-on-year in the second quarter, reaching Euro 1498 million ($2152 million), BASF said in its 28 July quarterly report.
BASF said the higher PU sales in the second quarter were due to higher sales volumes for the automotive and construction industries. However, the chemical company said it was not able to full pass on higher raw materials costs to the market.
PU sales for the first half of 2011 were Euro 2977 million, up 14 percent from Euro 2620 million during the first half of 2010.
Earnings (EBITDA) for the plastics sector as a whole were Euro 483 million in Q2, up 5 percent year-on-year. BASF said earnings were negatively impacted by maintenance shutdowns in several plants.
For BASF Group as a whole, Q2 sales were Euro 18 461 million, up 13.9 percent, and earnings (EBIT) were Euro 2237 million, up 1.4 percent from the previous year.
For the first half of 2011, which BASF said is the international year of chemistry, sales reached Euro 37 822 million, up 19.4 percent, and earnings (EBIT) were Euro 4969 million, also up 19.4 percent from the first half of 2010.
"The economic environment in the first half of 2011 was favourable for our business. Our numbers show that we successfully took advantage of this momentum," said Dr Kurt Bock, chairman of BASF's board of directors.
The German company said it remained confident for 2011 and expected significant sales growth for the group during the rest of the year.