BASF 3Q Net Falls 69 Percent To €237 Million

GEORGE FREY

FRANKFURT (AP) — German chemical company BASF SE said Thursday net income fell 69 percent in the third quarter as the global downturn hurt demand and prices for the company's products.

BASF, based in Ludwigshafen, said net income fell to €237 million ($348 million) from €758 million in the July-September period of 2008.

Revenue fell 19 percent to €12.8 billion from €15.7 billion in the third quarter of 2008.

"Following the global economic downturn at the end of 2008, our business has stabilized at a low level during the course of the year," BASF said in its report.

BASF, the world's biggest chemical company by sales, said fourth quarter revenue should be around third quarter levels, while operating income before special items would probably be higher than a year ago, but lower than in the third quarter 2009.

In the third quarter, BASF reported operating income before special items of €1.2 billion from €1.6 billion in the third quarter of 2008, a 20 percent decrease.