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BASF says worst of the downturn is over ...(reports drop in earnings, profits)(Brief Article)

BASF reported a 32% drop in third-quarter earnings before interest and taxes (EBIT), to 403 million [euro] ($462 million), on sales up 2%, to 7.7 billion [euro]. Net profits fell 51%, to 120 [euro] million. "We have reached the bottom of the downturn, but it is too early to say when the upturn will come and how stable it will be," says CEO Jurgen Hambrecht. Full-year earnings are also likely to fall short of 2002 levels, Hambrecht says. The company took a pretax charge of 56 million [euro] for measures including integrating its crop protection business, and restructuring the BASF-Shell polyolefins joint venture Basell, and BASF's Nafta operations (CW, Aug. 13, p. 8). The ...

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