(MENAFN) Chemical and oil firm BASF warned that its profits will be below its previous forecast, affected by slower global economic growth and industrial production, Arab News reported.
The German giant maintained its target of a marginal increase in pretax earnings this year, but it longer projects to reach its previous forecast of USD101.34 billion in revenue and USD17.7 billion in profit.
"We now expects those figures to be in line with market expectations" in the case of pretax profit that means somewhere between USD12.66 billion and USD15.2 billion," the firm said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.