BASF Quarterly Profit Hurt by Weak Demand For Crop Chemicals
- Chemical maker reiterates 2016 forecast for profit, sales drop
- Specialty chemicals gain helps buffer decline at agro-products
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BASF SE’s second-quarter profit dropped 16 percent as the world’s largest chemical maker was hit by weaker demand for farm products and a lower oil price.
Earnings before interest, taxes and one-time items fell to 1.71 billion euros ($1.88 billion) in the three months through June, the Ludwigshafen, Germany-based company said Wednesday in a statement. Profit fell 12 percent at the division that makes fungicides and herbicides used on crops.