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PA66-GF25 FR Ultramid® BASF
PA66-GF25 FR Ultramid® BASF
PA66-GF25 FR Ultramid® BASF  A3X2G5 BK23187 Q724
EXW:USD$10.61
EXW:EUR10.07
MOQ: KGS
SOLD: 29000KGS
 

 

BASF's first-quarter profit slides on impairments


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Source:www.muchid.com               Date:2022.4.29


BERLIN, April 11 (Reuters) - German chemicals group BASF reported an unexpected drop in net income in the first quarter due to impairments at its oil and gas unit that co-financed the abandoned Nord Stream 2 project.
Germany has suspended the Nord Stream 2 gas pipeline project in the Baltic Sea. The project aims to double the flow of natural gas delivered directly to Germany.
BASF said its preliminary first-quarter net profit fell to 1.22 billion euros ($1.33 billion) as it included an impairment charge of about 1.1 billion euros recognized by its oil and gas subsidiary Wintershall Dea.
Other financiers of Nord Stream 2 have also announced write-downs, while French utility Engie said its credit risk exposure to Nord Stream 2 was as high as 987 million euros.
BASF reported a net profit of 17.2 euros in the first three months of 2021, and analysts expect a net profit of 1.77 billion euros in the same period in 2022, according to a Vara Research poll.

       
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