BASF Profit Dented by Low Oil Price

By Christopher Alessi

MANNHEIM, Germany-German chemicals giant BASF SE (BAS.XE) on Thursday posted a nearly 20% decline in net profit for the first quarter of 2015, hurt by the low price of oil and charges related to the company's share-based compensation program.

Net profit for the period ended March 31 was 1.17 billion euros (1.30 billion), compared with EUR1.46 billion last year, missing analysts' forecasts of EUR1.26 billion, according to a recent poll by The Wall Street Journal.

Sales rose by 2.8% to EUR20.07 billion, boosted by currency gains and higher volumes.

BASF's closely watched earnings before interest and taxes before special items declined by 2% to EUR2.07 billion, largely attributable to the group's positive share price performance, which increased provisions for its share-based compensation program.

BASF reiterated its guidance for 2015, saying it expects EBIT before special items to stay flat year-on-year, while sales should increase slightly.

-Write to Christopher Alessi at [e-mail]

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