BASF SE (BAS.XE) said on Thursday that it expects to post growing profit in 2017, supported by robust sales performance.
The German chemical company said that, according to preliminary results, it expects net income of EUR6.1 billion ($7.46 billion) compared with EUR4.1 billion in the previous year. Income from operations, or Ebit, is expected to stand at EUR8.5 billion, a 36% increase compared with the previous year.
"The year-on-year earnings growth is primarily attributable to the strong earnings increase in the chemicals segment," BASF said.
BASF said sales rose by 12% to EUR64.5 billion.
"The reduction in the U.S. corporate tax rate from 35% to 21% results in one-time non-cash, deferred tax income of almost EUR400 million in the fourth quarter of 2017," the company said.
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
January 18, 2018 11:27 ET (16:27 GMT)