By Ludwig Burger
FRANKFURT -German chemical substances group BASF stated it will slash annual prices by 500 million euros ($485 million) in Europe till 2024 and look into restructuring its chemical websites within the area over the long term after it was hit by excessive power costs.
It cited considerably weaker earnings in Europe because of “deteriorating framework situations” and a loss in Germany within the third quarter.
In an unscheduled assertion, BASF additionally stated its third-quarter internet revenue was beneath market expectations because of a 740 million euro writedown linked to the Nord Stream 1 fuel pipeline.
Quarterly internet revenue was 909 million euros, down from 1.25 billion euros a 12 months earlier and significantly beneath the typical analyst estimate of 1.105 billion,
Web revenue was dragged decrease by impairments of about 740 million euros on the shareholding in oil and fuel enterprise Wintershall Dea because of a partial write-down of Wintershall Dea’s participation within the operator of the Nord Stream 1 pipeline, BASF added.
BASF, which is because of publish detailed outcomes on Oct. 26, stated world third-quarter gross sales and working revenue earlier than particular gadgets got here in barely greater than analysts had anticipated, buoyed by a robust U.S. greenback.
($1 = 1.0320 euros)
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