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BASF's challenging profit goal

Thursday, July 25, 2013 - 00:36

July 25 - Shrinking European markets and slower growth in China weigh on chemicals giant BASF's second-quarter profit. Rough cut only, no reporter narration.

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The world's largest chemicals company by sales, Germany's BASF, said meeting its profit target for the year will be "significantly more challenging" than it had previously expected. (SOUNDBITE)(ENGLISH) BASF CEO KURT BOCK SAYING: "I think targets have to be challenging so when we established the targets for 2013 about six months ago we knew that 2013 would not be a walk in the park." Second-quarter earnings before interest and tax (EBIT), adjusted for one-off items, fell 5 percent to 1.8 billion euros ($2.38 billion). (SOUNDBITE)(ENGLISH) BASF CEO KURT BOCK SAYING: "Overall I would say it's a mixed performance in Q2 and going forward we have essentially said that we see a flat development going into the second half of this year." Weighing on the results - shrinking European markets and slower growth in China. (SOUNDBITE)(ENGLISH) BASF CEO KURT BOCK SAYING: "Actually we have seen slowing growth in China since Q4 2011 and we have talked about it quite a bit. In Q2 of this year we grew in China - we are certainly not happy with the demand growth we see right now in China." Shares dropped 4.5 per cent.

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BASF's challenging profit goal

Thursday, July 25, 2013 - 00:36