BASF’s Second-Quarter Earnings Rise On Strong Agchems Demand

BASF reported second quarter net income up 27%, to €1.3 billion ($2 billion), on sales up 11%, to €16.3 billion. Operating income rose 18%, to €2.4 billion. “Demand for our products remains strong, and the summer lull does not seem to be very pronounced. However, sales prices have to be increased considerably in some cases in order to pass on significantly higher raw material costs,” says chairman Jürgen Hambrecht. BASF has increased its forecast for the average price of Brent crude to $120 per barrel in 2008. Hambrecht says he expects global chemical...

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