December 7, 2018 / 6:39 PM / 12 days ago

BASF cuts outlook, now sees profits falling 15-20 pct in 2018

FRANKFURT, Dec 7 (Reuters) - Germany’s BASF slashed its forecast for 2018 profits on Friday, saying the decline was mainly due to its chemicals segment while low water levels on the Rhine and weak automotive demand especially in China were also to blame.

BASF said in a statement that it now expected earnings before interest and tax before special items (EBIT) to decline by 15-20 percent, compared to an earlier forecast of a 10 percent fall. (Reporting by Douglas Busvine; Editing by Kirsten Donovan)

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