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BASF warns of weaker Q4 profitdue to hurricanes


BASF warns of weaker Q4 profitdue to hurricanes


BASF, the world’s biggest chemical company, said its third-quarter net income more than doubled, due to strong demand for plastics.

But the hurricanes that hit the US Gulf Coast will cost the company 120 million euros in lost production and that will mean lower profit in the last three months of the year.

BASF raised its prices during the quarter because of higher oil costs and, on sales of 10.4 billion euros, its net income was 808 million euros, up from 366 million in the same period last year.

BASF, which because of its size is seen as an indicator of how the chemicals industry is doing,
did raise its earnings outlook for the whole year.

It has been helped by the fact that it has a substantial oil and gas business and income from the high energy prices countered the rising cost of crude.

Raw material costs have had a greater effect on profits at other chemicals companies.

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