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According to a report on the ICIS website on April 29, the German chemical giant BASF said on Thursday that due to rising sales prices and sales growth, net income in the first quarter increased significantly.
Earnings before interest and taxes (EBIT) rose in the first quarter due to the relatively high revenue contribution from the materials and chemicals business.
The recovery of demand, the improvement of the income of listed equity companies and the reduction of fixed costs, the profit margin of chemicals has increased.
Wang Lei is an excerpt from ICIS
The original text is as follows:
Germany's BASF Q1 net income rises on higher prices, volumes
BASF's net income surged in the first quarter on the back of higher selling prices and volume growth, the German chemicals major said on Thursday.
Q1 earnings before interest and taxes (EBIT, or operating income) rose on the back of considerably higher earnings contributions from the materials and chemicals businesses.
Chemicals earnings rose on higher margins as a result of a recovery in demand, an improvement in income from equity-accounted companies, and lower fixed cost.
