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BASF sees profits falling 15-20% in 2018

Auto News - Published on Wed, 12 Dec 2018

Image Source: yimg.com
Germany's BASF slashed its forecast for 2018 profits on Friday, saying the decline was mainly due to its chemicals segment while low water levels on the Rhine and weak automotive demand especially in China were also to blame. BASF said in a statement that it now expected earnings before interest and tax before special items (EBIT) to decline by 15-20 percent from last year's EUR 7.6 billion, compared to an earlier forecast of a 10 percent fall.

The chemicals giant became the latest company to admit to the pain being inflicted on Europe's largest economy and leading export nation by mounting trade frictions between the United States and China.

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Posted By : Joykumar Irom on Wed, 12 Dec 2018
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