* Q3 adj EBIT 2.1 bln eur vs Rtrs poll avg 2.0 bln
* Gets boost from resumed Libya oil output
* Sees uncertainty for chemicals, plastics in Europe
* Sees slowdown in Asia
FRANKFURT, Oct 25 (Reuters) – Libyan oil and demand for
pesticides will help Germany’s BASF achieve its
target of higher operating profit this year, offsetting a
downturn at its main industrial chemicals and plastics business.
“The outlook is clouded by continued uncertainty, especially
in the euro zone, and by slower growth in Asia. Nevertheless, we
still aim to exceed the 2011 record levels in sales and income
from operations before special items,” the world’s largest
chemical maker by sales said.
It added that third-quarter earnings before interest and tax
(EBIT), adjusted for one-off items, rose by 5 percent to almost
2.1 billion euros ($2.7 billion), just surpassing the 2.0
billion euro average estimate in a Reuters poll of analysts.
The shares were indicated to rise 0.5 percent in pre-market
trading while Germany’s blue chip index DAX was seen
edging up 0.1 percent.
BASF remains a tale of two industries with quarterly
operating profit at its Wintershall fossil fuel unit more than
tripling on resumed oil output in its main sourcing country
Libya, while the remainder of the company saw operating earnings
decline almost 40 percent.
BASF, whose products range from catalytic converters and car
coatings to insulation foams, refrained from the type of job
cutting programmes, however, announced by its two largest U.S.
competitors.
DuPont on Tuesday slashed its earnings forecast, and
announced 1,500 job cuts while Dow Chemical this month
said it plans to cut 5 percent of its workforce as it reported
lower-than-expected sales.
