BASF profit plummets

BERLIN: German chemical company BASF SE warned of a significant drop in sales and earnings this year and its second-quarter net profit plummeted nearly 74 percent to 373 million euros ($526.1 million) as the recession cut into sales and its acquisition of Ciba hit profits.

Ludwigshafen-based BASF, the world's largest chemical company by sales, said yesterday that its net profit in the April-June period compared with 1.3 billion euros a year earlier.

The company cited expenses related to Ciba as well as dropping demand for chemicals and plastics, particularly from auto makers, for the decline.