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BASF Q2 FY20 result: sales €12.7 bn; net loss €878 mn
30 Jul 20 2 min read
BASF SE, a German chemical company, posted 12 per cent sales decrease to €12.7 billion in its second quarter (Q2) FY20 ended on June 30, 2020 compared to €14.5 billion in same period last year. Company incurred a net loss of €878 million compared to income of €5.9 billion in Q2 FY19. Income from operations (EBIT) before special items were €226 million.
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“The corona pandemic is still a huge challenge for all of us. This situation is a catalyst for change and a chance to do many things differently. At BASF, we have quickly adapted to new processes. Everyone is very open to virtual communication, internally and with our customers,” Martin Brudermüller, chairman of the board of executive directors of BASF, said in a press release.
Sales in the Chemicals segment during Q2 FY20 fell 18 per cent to €1.8 billion. Sales declined considerably in both divisions, but especially in the Petrochemicals division. In Petrochemicals division, the decrease in prices was largely due to higher product availability on the market and lower raw materials prices. However, sales volumes increased in chemicals segment thanks to the positive development of volumes in the Petrochemicals division.
Materials segment sales dropped 28 per cent to €2.1 billion. Sales development was primarily driven by significantly lower volumes in both divisions due to the effects of the corona pandemic, especially in the Performance Materials division.
Industrial solutions sales were down 15 per cent to €1.8 billion. Surface technologies sales marginally decreased 2 per cent to €3.0 billion.
Fibre2Fashion News Desk (JL)
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