BASF's second quarter net profit fell 14% year-on-
2022-08-01- Detail
BASF's net profit in the second quarter fell by 14% year-on-year due to the impact of oil prices on the afternoon of July 27, Beijing time. According to a report from the market Observatory, BASF Germany announced its financial report for the second quarter of this year. BASF's profit declined in the quarter due to the lower oil and gas prices and the company's sale of internal assets, but it said it remained confident in the full year's performance expectations
financial report data show that after BASF sold its natural gas trading and reserve business to Gazprom, the company's revenue in the second quarter reached 14.48 billion euros, a year-on-year decrease of 24%. In the second quarter, BASF's net profit reached 1.09 billion euros (about 1.19 billion US dollars), a year-on-year decrease of 14% and 1.27 billion euros in the same period last year. EBIT fell 16% to EUR 1.72 billion. Analysts had previously given a forecast of $1.17 billion
BASF said that it still expected the annual EBIT to decline slightly, and the corporate restructuring expenditure and the international average oil price hovering around $40 per barrel were the reasons for the above phenomenon. BASF CEO Kurt bock (Kur high frequency fatigue tester is mainly used to measure the fatigue performance of metal materials and components under tension, compression or tension compression alternating load) pointed out that although the company is currently facing a volatile and challenging business environment, it is still confident in the performance outlook in view of the long-term trend of international oil prices in the future
BASF also stressed that: "after the British referendum to leave the EU, the European economic risk coefficient has increased significantly." Analysts of Bernstein research company said that although the development of BASF's agricultural related businesses was sluggish, and the company's Standard Experimental Method ASTM D for measuring and maintaining the lowest oxygen concentration (oxygen index) of plastic candlelight combustion recently 2863 ⑵ 000 incentive plan consumed a lot of costs, the overall operating performance in the quarter was basically the same as the previous forecast
affected by the continuous decline of global oil prices, BASF's overall profit growth has been dragged down for more than a year. It is worth noting that the low oil price has a direct impact on the performance of winterhouse holdings, an oil and gas business enterprise wholly owned by BASF
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