Global chemicals giant BASF recorded operating profits of €1.5bn from sales of €15.7bn during the third quarter.
The company, which has business in the wood coatings, adhesives and timber modification sectors, said operating profits were down 10% on a year ago, while sales were up 13%. Net profits were €758m, a 37.5% decrease on 2007.
BASF said although sales rose substantially in polymers for construction, architectural coatings and fibre bonding, price increases were not sufficient to make up for the increases in raw material costs.
Worldwide, BASF is responding to declining demand by adjusting capacity utilisation rates and bringing forward maintenance shutdowns.
