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BASF reports lower net income, higher sales; cuts global chemicals forecast

5:18 AM MDT | July 25, 2013 | Natasha Alperowicz

BASF today reported a 4.2% decline in second-quarter net income to €1.16 billion ($1.53 billion) on 2.9% higher sales at €18.35 billion. The company cites increased tax expenses and higher minority interests in profits for the lower net income. Earnings before interest and tax (Ebit) was down 5% to €1.8 billion. “The economic environment is and remains volatile. The European economy is shrinking slightly; the Chinese growth engine is no longer running at full power; the United States is growing moderately,” says Kurt Bock, chairman of...

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