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BASF predicts full-year profit decline as economic growth slows -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a cyclist riding his bicycle past the entrance to the BASF plant. REUTERS/Christian Hartmann

FRANKFURT/Reuters – German chemicals company BASF has forecasted a fall in its 2022 operating earnings due to the ease of the global business cycle and disruptions in its supply chain.

The earnings before tax, interest and other special items will likely be between 6.6 and 7.2 Billion Euros ($7.4 and 7.2 billion respectively this year. This is down from the 7.77 Billion in 2021.

The company stated that, despite the extremely strong start of the year, it expects the global economic recovery to slow to 3.8 percent by 2022. This is after 2021’s very strong recovery.

BASF’s forecast takes into account the risk of supply chain disruptions, more coronavirus pandemic headwinds and potentially higher energy prices, it added.

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