Ludwigshafen, Germany — BASF’s earnings before interest, tax and special items (EBIT) from its functional materials and solutions segment in the first half of 2016 was EUR 991m compared to EUR 889m in 2015.
The segment’s sales of EUR 9.1bn during the first half of 2016 were 4% lower than during H1 2015 (EUR 9.5bn), the report said.
The company said the first half year sales drop was “mainly a consequence of the lower prices largely brought about by reduced prices in precious metal trading.”
However, the firm also reported an increase in volumes which it said “was mostly attributable to higher demand from the automotive and the construction industries.”
The report said EBIT for the segment during H1 2016 was boosted “predominantly by the contribution from the performance materials division” where BASF’s polyurethanes business sits.
The segment’s Q2 2016 sales were EUR 4.7bn - compared to EUR 4.9bn in Q2 2015 - with “dampened sales’ due to negative currency effects, the firm said. EBIT in Q2 2016 for the segment was EUR 535m compared to EUR 458m in Q2 2015.
