Germany's BASF's sales at €17.305 bn in Q2 FY23

14 Jul '23

1 min read

Pic: BASF

Insights

BASF's Q2 FY23 sales decreased 25 per cent to €17.3 billion, driven by lower prices and volumes, and negative currency effects.
EBIT before special items dropped by 57 per cent to €1.007 billion, with weaker contributions from the chemicals and materials segments.
The company's net income stood at €499 million compared to €2.090 billion in Q2 FY22.

German chemical giant BASF has reported a 25 per cent decline in preliminary sales to €17.305 billion in the second quarter (Q2) of fiscal 2023 (FY23). This marks a notable drop from the €22.974 billion reported in Q2 FY22. The decline is primarily attributed to significantly lower prices and volumes. Negative currency effects further compounded the sales slump.

The company's EBIT (earnings before interest and taxes) before special items amounted to an expected €1.007 billion, a 57 per cent drop compared with €2.339 billion in the same quarter of the previous year. This downturn was particularly pronounced in the chemicals and materials segments, which reported significantly weaker earnings contributions compared to the previous year.

BASF's EBIT for the group was an estimated €974 million for Q2 FY23, falling short of the previous year's figure of €2.350 billion, the company said in a press release.

Furthermore, the company's net income in Q2 FY23 reached an expected €499 million, well below the €2.090 billion achieved in Q2 FY22.

ALCHEMPro News Desk (DP)

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