January 18, 2018 / 4:09 PM / 9 months ago

BASF says 2017 EBIT up 36 percent on basic chemicals

FRANKFURT, Jan 18 (Reuters) - German chemicals maker BASF said operating earnings jumped 36 percent last year, releasing unaudited results ahead of schedule because the market was underestimating its business performance.

“The BASF Group’s key earnings figures for the 2017 business year significantly exceed analyst estimates,” the company said on Thursday, adding that strong demand for its basic chemicals was offsetting the effect of higher input costs at its specialty products businesses.

Earnings before interest and tax (EBIT) for 2017 were up 36 percent at 8.5 billion euros ($10.4 billion), while net income gained 50 percent to 6.1 billion euros.

The U.S. corporate tax reform resulted in a non-cash tax income benefit of almost 400 million euros in the fourth quarter of 2017, it added.

$1 = 0.8173 euros Reporting by Ludwig Burger; Editing by Maria Sheahan

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