BASF: Strong Start to 2010
In the first quarter of 2010, BASF has reported an increase in demand across all regions with Asia remaining as the main driver of growth. The chemical maker saw Q1 sales increase 26% to €15.5 billion over last year. Ebit before special items was up 98% to €1.95 billion. The company said the restocking of inventories among customers has helped to accelerate recovery.
From a regional standpoint, sales in Europe were 12% higher than in the same period 2009. North American sales saw a 55% jump in growth in dollars, 47% in euro.
CEO Jürgen Hambrecht said he has a positive outlook for the further development of 2010, but said that "recovery remains shaky." The company said the risks result mainly from the continuing financial and debt crisis, which is intensifying in some areas, the winding down of national stimulus
programs, volatile raw materials markets, excess capacities, growing geopolitical tensions, and protectionism.
Despite the global economic upturn in the first quarter of 2010, Hambrecht said he expects the economic recovery over the course of the year to become slower and increasingly uneven.
"This is primarily due to the basis effect through the comparison with the previous year," he said.
