German chemical giant BASF announced on Monday that its preliminary net income for the first quarter of 2022 was €1.22 billion ($1.33 billion).
The figure is considerably below that recorded for the prior-year quarter of €1.718 billion and considerably below average analyst estimates for the first quarter of 2022.
Reasons for the fall include impairment charges recognized by Wintershall Dea, particularly for loans to Nord Stream 2 AG, which BASF included in its net income from shareholdings on a proportional basis (72.7%) with around €1.1 billion.
Quarterly sales increased year-over-year 19% to €23.08 billion, driven mainly by higher prices. Currency effects, mainly relating to the US dollar, had a marginally positive effect overall. Sales thus slightly exceeded average analyst estimates for the first quarter of 2022.
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