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German chemicals company BASF 3Q net falls
By Caroline Mittermair for CEOWORLD Magazine Updated:October 29, 2009
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German chemicals company BASF SE (BASF.DE) reaffirmed it would likely cut its annual dividend for the first time in 16 years as it repeated on Thursday its full-year earnings would slide significantly.
After surprisingly strong third-quarter figures two weeks ago, some analysts had speculated that meeting its long-term pledge of maintaining its dividend might come within reach after all for BASF, which paid 1.95 euros per share on its 2008 results.
BASF SE (BAS.XE) Chief Executive Juergen Hambrecht said Thursday that without costs from the integration of Swiss chemical maker Ciba Holding AG, the company would have met its capital costs for 2009.
Earlier Thursday, the company said full-year earnings will be hit by more than EUR800 million in costs from an accelerated integration of Ciba, which BASF acquired in April.
BASF, the world’s biggest chemical company by sales, said fourth quarter revenue should be around third quarter levels, while operating income before special items would probably be higher than a year ago, but lower than in the third quarter 2009.
In the third quarter, BASF reported operating income before special items of euro1.2 billion from euro1.6 billion in the third quarter of 2008, a 20 percent decrease.
“Overall, the development in the coming months is difficult to predict. Major risks still exist. The recovery will be slow and uneven,” BASF said.
BASF released some preliminary results earlier this month, in line with Thursday’s report, but the results were somewhat below analyst expectations. Six analysts polled by Thomson Reuters expected BASF to report net income during the period of euro333 million. Eleven analysts had expected revenue at euro13 billion, AP reported.
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