European Interims Round Up

4 September 1994

Interim financial results have been posted recently by BASF, Gehe, Gist Brocades and ACF.

The BASF group achieved net sales for the first six months of 1994 of 23.1 billion Deutschemarks ($14.9 billion), an increase of 4.7% on the like, year-earlier period. Pretax profits were 683 million marks, up 41.4%, and net income rose 113.6% to 425 million marks.

The group said that its business continued to improve on that of 1993, which was its most difficult year to date. Reduced corporate tax rates in Germany were behind the strong net income growth at BASF. Also the group had lower non tax-effective losses compared with the previous year. The positive trend in sales was attributed to increased volumes. The group said that "the development of earnings, which exceeded the previous year's poor level throughout, shows that the internal measures to increase competitiveness are proving effective, although we had to absorb substantial special charges, especially in North America."

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