BASF: to post second-quarter Ebit above expectations
(CercleFinance.com) - German chemical group BASF on Friday forecast its second quarter operating profit to exceed market expectations.
EBIT before special items - which reflects the development of the group's operating business - amounted to 226 million euros over the quarter, above market expectations and in the range provided by BASF.
This is still well below the figure for the second quarter of last year (995 million euros), BASF said.
The company said it expects to make a net loss of 878 million dollars due to a non-cash-effective impairment of its stake in Wintershall Dea, which is considerably below current analyst estimates.
BASF said the impairment of around 800 million euros results from lower oil and gas price forecasts and changed reserve estimates.
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