BASF first quarter earnings drop by 58 percent

FRANKFURT: BASF, the world's leading chemicals group, posted on Thursday a 58 percent drop in first quarter core earnings to 985 million euros ($1.3 billion) owing to "persistently weak demand."

A BASF statement said net profit showed an even steeper drop, shedding 68 percent from the same period a year earlier to 375 million euros, on sales that fell by 23 percent to 12.2 billion euros.