BASF Reports Higher Second Quarter Net Profit Thanks to Higher Volumes and Prices

July 28 (Reuters) – The world’s largest chemicals producer BASF (BASFn.DE) reported better-than-expected second quarter net profit as it managed to boost volumes and prices thanks to strong demand .

Low commodity prices during the coronavirus pandemic weighed on BASF’s profits last year, but the German group has recorded a rapid recovery so far in 2021 as the global economy has recovered faster provided that.

“We saw volume growth and price increases in all regions and segments compared to the second quarter of 2020,” BASF Managing Director Martin Brudermueller said in a statement.

The German giant announced a net profit of 1.7 billion euros in the second quarter (2.01 billion dollars) against 1.4 billion euros on average expected by analysts in a survey provided by the company.

The diverse group said prices and volumes had increased, particularly in its surface technologies, chemicals, materials and industrial solutions segments.

The company confirmed preliminary figures for adjusted earnings before interest and taxes (EBIT) and revenue for the second quarter, as well as the 2021 guidance it announced on July 9. read more

($ 1 = € 0.8463)

Report by Zuzanna Szymanska in Gdansk; Editing by Jacqueline Wong

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