BASF Sees 'No Lasting Upturn;' Unlikely to Earn Cost of Capital in 2009

BASF says its sales and earnings in the second quarter of 2009 were "negatively impacted by the ongoing global economic crisis." The company's chemicals, plastics, and functional solutions businesses were particularly badly hit by the downturn in the automotive and construction industries. Quarterly Ebit before special items fell 53%, to €1.1 billion ($1.55 billion) on sales 23% lower at €12.5 billion. Second-quarter Ebitda was €1.6 billion, 48% lower than in the second quarter of 2008. The company says lower volumes and prices...

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