Global chemicals giant BASF, whose business includes wood coatings, has posted second-quarter net profits of €1.024bn.
The profit represented an 11.3% increase on the same period last year. Sales grew 19% to €14.7bn.
BASF’s peformance products division recorded sales and profits growth of 37% and 24% respectively. The strongest sales growth was seen in South America, Africa, the Middle East and Asia.
The coatings segment had sales of €1.27bn, an increase of 9%.
Acquisitions accounted for 13% of the sales growth, while higher volumes were responsible for a 7% rise.
“Our significant earnings growth demonstrates that BASF has reached a higher level of sustainable earnings,” said BASF board chairman Dr Jürgen Hambrecht. “BASF has entered the second half of 2007 in stronger form than ever.”
BASF’s operations include supplying pigments for paints and MDF, resins for wood coatings, dispersions for decorative paints, raw materials for parquet floor adhesives, Dr Wolman timber preservatives and chemicals for wood glues.
