BASF reports third-quarter loss of almost 250 million euros

Its chemicals and nutrition and care divisions are affected by a decline in demand and reduced turnover compared to the same period last year

31 of October of 2023
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BASF
BASF

BASF today reported its third quarter results. In line with what its analysts said last week, the second quarter figures showed that this has not been a good year in general for all the divisions that make up the German chemical company.

During these first nine months, BASF has recorded a net profit of 1,812 million euros, 57% less than the same period last year. This means that the German company has suffered a net loss of 249 million euros. In the same period last year, the company made a profit of 909 million euros.

The Chemicals division has been one of the hardest hit due to a decline in demand, reducing its turnover to a total of 2.43 billion euros. As the company indicated in a press release, the group's quarterly revenues fell by 28.3%, which translates to more than 15 billion euros. 

The 'Nutrition & Care' branch has also reduced its contribution to the group, only 1,688 million euros, 20.5% less than in the same period of 2022.

Martin Brudermüller, the group's CEO, has explained that he expects the pre-tax profit figure for the year-end to be even lower than the estimates made by the group's analysts. At that time, they announced that the group's sales would be between 73 and 76 billion euros. 

Last July, BASF was forced to lower its forecasts after a forecast and a drop in sales in the last quarter. In the seventh month of the year, the German company reported a 76% drop in profit for the first half of 2023. As in this quarter, then, this was blamed on a fall in sales volumes, although they expected this to correct itself in the coming months.