Profits warning from BASF after poor half-year results

Published: 27-Sep-2001


German chemicals conglomerate, BASF, gave a profits warning after the company announced disappointing results.

Second-quarter earnings dropped sharply, to €201m (US$180m), from €954m (US$855m) last year, though a 30% increase in the sales of its oil and gas business improved matters somewhat, as did the continuing impact of the sale of its pharma business to Abbott.

A further 1,200 job cuts in the coming 18 months were announced, on top of the 2,800 already slated.

Chairman Juergen Strube said the company will be unable to match last year's profits because of the 'current conditions of market volatility', and unless the economy takes a significant turn for the better, BASF will be unable to meet its aim of a 10% increase in income by the end of next year.

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