BASFY BASF SE (QX)

   By Nathan Allen 
 

BASF SE (BAS.XE) said Friday that its first-quarter net profit fell slightly on year, as foreign-exchange issues offset higher sales prices and improved earnings in the oil-and-gas and chemical divisions.

The chemical company said its net profit for the three months ended March 31 was 1.68 billion euros ($2.01 billion), compared with EUR1.71 billion a year earlier.

Sales for the quarter were down 1% at EUR16.65 billion, the company said.

Analysts had predicted profit of EUR1.70 billion on sales of EUR16.90 billion, according to a FactSet-compiled consensus.

The company confirmed its guidance for the year of slight sales growth and slight growth in earnings before interest and taxes and before special items for 2018.

BASF's Chairman Kurt Bock is retiring from the board at the end of the annual shareholders' meeting and will be replaced by current Vice Chairman Martin Brudermueller, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 04, 2018 01:24 ET (05:24 GMT)

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