BASF confirms weaker 2018 outlook

FRANKFURT: German chemicals giant BASF confirmed a full-year outlook for a weaker profit yesterday after a slowdown in the third quarter, adding that one-off factors weighed strongly on its bottom line. Net profit at the group fell 10 per cent year-on-year, to €1.2 billion (RM5.68 billion), in line with forecasts from analysts surveyed by Factset. Operating profit before special items fell 14 per cent to €1.47 billion, although revenue was eight per cent higher at 15.6 billion as BASF raised prices and sales volumes.