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BASF says worst of the downturn is over ...(reports drop in earnings, profits)(Brief Article)
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Chemical Week
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November 19, 2003
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Copyright informationCOPYRIGHT 2003 Chemical Week Associates. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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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