BASF predicts profit gain on specialty chemicals rebound

摘要

German chemicals maker BASF said it was aiming for a gain of up to 10 percent in group operating profit this year, because an earnings rebound from specialty chemicals would offset declines at its basic petrochemicals unit.At its basic chemicals unit, operating profit, or earnings before interest and tax (EBIT) adjusted for one-off items, would likely drop by 11 percent or more in 2018, after a surge of 67 percent in the fourth quarter, the group said. Supply bottlenecks and strong demand across the petrochemicals industry have flung BASF's commodities business into a surprise upward cycle last year, with full-year operating earnings doubling, mirroring similar developments at rivals such as Covestro.