Ludwigshafen, Germany — BASF's sales were down 12.4% in the second quarter of 2020 at EUR12.68bn, according to preliminary figures. This compares with EUR14.48bn in the same quarter last year.
EBIT before special items in the second quarter of 2020 was EUR226m. This is down considerably on the EUR995m in the previous year's quarter. It is, however, in line with the company's predictions, and higher than market expectations.
The company said that the fall in EBIT was a result of significantly lower earnings in the materials, surface technologies, chemicals and industrial solutions business segments compared with the 2019 quarter.
Its numbers also suffered because coronavirus shutdowns around the world reduced demand from the automotive industry, the company's most important customer.
The company plans to release full details of its financial results for the first half of 2020 on 29 July.