Ludwigshafen, Germany - BASF has released its preliminary 2009 third quarter (Q3) financial results, including sales of Euro 12 800 million ($19 000 million), down by 19 percent on the same period in 2008 but up 2.4 percent from figures in Q2.
Income from operations was Euro 1250 million, down 20 percent from 2008 but up 9.5 percent compared to Q2. These figures "exceed the consensus analysts' estimates available to BASF," the company said 14 Oct.
"We have the right strategy," said Jürgen Hambrecht, BASF chairman. "We are seeing the effects of the extensive measures we implemented in good time to adjust capacity utilisation rates and to reduce costs." Impulses for growth are coming from Asia, especially China, as well as from parts of South America. Overall, markets have stabilised at a low level, he added.
"Although the mood is slightly brighter and we are climbing out of the trough, the recovery remains slow and fragile," Hambrecht concluded.
BASF will present its full Q3 results including all earning figures at its Fall Conference Call on 29 Oct 2009. (RD)