February 26, 2019 / 6:07 AM / 7 months ago

BASF Q4 profit dragged lower by slump in basic petrochemicals

LUDWIGSHAFEN, Germany, Feb 26 (Reuters) - Operating profit at German chemicals group BASF dropped by almost 60 percent in the fourth quarter due to a sharp decline at a unit making basic petrochemicals for products such as heat insulation.

Fourth-quarter group earnings before interest and tax plunged 59 percent to 630 million euros ($715.37 million), above the average analyst estimate of 598 million euros in a Reuters poll.

BASF, whose products include coatings, catalytic converters, pesticides and engineering plastics, said it was targeting a slight increase in adjusted EBIT for 2019.

Reporting by Patricia Weiss Writing by Ludwig Burger Editing by Thomas Seythal

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