(MENAFN– ecpulse)
BASF, the largest chemical company in the world, said second-quarter earnings before interest, taxes and one-time items were 1.83 billion euros, lower by 5.4 percent from a year earlier period.
Chief Executive Officer Kurt Bock suggested the chemical outlook is becoming more difficult, where he said today he expects the company`s annual cost cuts to exceed the 1 billion euros a year planned 2015 end. Bock is eliminating 940 jobs already.
The German chemical giant reported lower-than-expected quarterly earnings on Thursday. Analysts called for an average 1.99 billion the euros. BASF fell the most in more than two-and-a-half years after the release. The shares were down 4.53 percent as of 12:10 in London.
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