FRANKFURT, Germany – Chemicals and oil company BASF SE says net profit fell 4.2 percent to 1.16 billion euros ($1.53 billion) in the second quarter, held back by weaker demand for some products in an uneven global economy.
The company, based in Ludwigshafen, Germany, said it saw thinner profit margins in its basic chemicals division while Asia profits were reduced in euro terms by a weaker yen.
Revenues rose 2.9 percent to 18.35 billion euros.
CEO Kurt Bock said Thursday the economic environment "remains volatile." He said the Europe economy was shrinking slightly while China "is no longer running at full power" and US expansion was only moderate. He said the company was "clearly feeling these effects."
Bock said the company still expected to increase sales and earnings this year but that achieving that target "is significantly more challenging today."
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