Ludwigshafen, Germany — BASF’s earnings before interest, tax and special items (EBIT) from its performance materials division in Q1 2016 was EUR 456m, 25% up on Q1 2015 despite lower sales in the 2016 quarter.
According to the company’s interim report for Q1, 2016, sales were down 4% at EUR 4.4bn on the previous year’s first quarter.
The firm said the sales drop was mainly due to falling sales prices as a particular result of lower prices in precious metal trading.
“Sales volumes increased, particularly as a result of higher demand from the automotive and construction industries,” it added.
The performance materials division, part of BASF’s functional materials and solutions segment, includes polyurethanes.
The firm's interim report said the special items in EBIT totalled minus EUR 40m in Q1 2016 and contained "special charges from restructuring measures."