German chemicals giant BASF SE (BAS.XE) reported a 23% rise in net profit for the first quarter of 2017, helped by increased sales across all business areas.
Net profit for the period ended March 31 was 1.71 billion euros ($1.86 billion), compared with EUR1.39 billion during the same period a year earlier, just beating analysts' forecasts. Analysts had predicted a net profit of EUR1.59 billion, according to a recent poll conducted by The Wall Street Journal.
Sales rose by 19% to EUR16.86 billion, helped by higher sales volumes and prices, BASF said in a statement. BASF's closely watched earnings before interest and taxes before special items rose 29% to EUR2.46 billion, beating analyst forecasts of EUR2.39 billion.
BASF reiterated its guidance for the full year, saying it remains cautious due to macroeconomic and political risks. For 2017, it has said it expects "considerable" sales growth of at least 6%. It reported EUR57.55 billion in sales last year.
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(END) Dow Jones Newswires
April 27, 2017 01:46 ET (05:46 GMT)