July 27, 2018 / 5:18 AM / in 19 days

BASF operating profit up 5 pct on specialty chems, oil division

FRANKFURT, July 27 (Reuters) - BASF’s quarterly operating profit rose 5 percent, with higher prices at its specialty materials and at its oil and gas businesses being partly offset by a stronger euro, which weighed on the value of overseas sales.

Second-quarter earnings before interest and tax (EBIT), adjusted for one-offs, rose to 2.36 billion euros ($2.75 billion), the German chemicals giant said on Friday. That was a touch below average market estimates of 2.42 billion euros.

BASF said it was still aiming for an increase of up to 10 percent in group operating profit this year from the 8.33 billion euros posted in 2017. ($1 = 0.8590 euros) (Reporting by Ludwig Burger Editing by Victoria Bryan)

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