German chemicals group reported preliminary first-quarter net income significantly below last year's level and analyst expectations on Monday, citing impairment charges for the abandoned Nord Stream 2 project.
BASF said its quarterly net income slumped to 1.22 billion euros ($1.33 billion) as it included impairment charges recognized by oil and gas subsidiary Wintershall Dea with around 1.1 billion euros.
The chemicals group had reported a net profit of 1.72 billion euros in the same period of 2021, and analysts had on average expected its net profit to come in at 1.77 billion euros according to a Vara Research poll.
($1 = 0.9184 euros)
(Reuters - Reporting by Zuzanna Szymanska, editing by Kirsti Knolle)
Subscribe
