Decreasing sales for styrenics failed to dent the better results

Decreasing sales for styrenics failed to dent the better results

BASF’s plastics business has raised sales and profits in the first quarter, despite the weak dollar and generally “unsatisfactory” price levels. Compared to last year’s first quarter, sales rose 1.1% to E2.307bn thanks to an 8.2% increase in sales volumes that offset a 6.9% decline on currency effects.

Most of the increase in sales volumes came from the performance polymers and polyurethanes divisions, which boosted sales to Asia and Europe in the period. Styrenics suffered declining volumes and lower sales but managed higher earnings in the quarter due to a successful cost optimisation programme.

“Price increases needed to cover high raw materials costs were implemented in several product lines, but overall pressure on margins persists,” the company said.