BASF issue cautious forecast8 August 2003
Basf Website BASF see little prospect of an upturn in business for the rest of the year, having reported a fall in second quarter earnings, compared with the same period last year. In fact, 'considerable efforts' would have to be made in order to match last year's full year results. With no prospects of improvement until the fourth quarter at the earliest, along with a strong euro affecting trade, BASF expect third quarter sales to be flat. High unemployment is another adverse factor hindering growth. The company are already taking cost cutting measures with the aim of saving $1 billion this year and have announced further cost cuts in North America in the region of $250 million by 2006.