Nord Stream 2 Impairments Hit BASF's Q1 Income

Copyright Framestock/AdobeStock
Copyright Framestock/AdobeStock

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)

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