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BASF net income up 22 pct at $2 billion

BASF net income up 22 pct at $2 billion

July 28th, 2011 in News

FRANKFURT, Germany (AP) - Chemical company BASF says its net profit rose 22 percent in the second quarter from the year before despite a production halt in its Libyan oil operations.

The company says Thursday that net profit reached (euro) 1.45 billion ($2.08 billion) while sales rose 14 percent to (euro) 18.4 billion, thanks to strong demand that let the company pass on increases in the cost of raw materials.

BASF's businesses include plastics, industrial chemicals and oil and gas.

The company has had to suspend oil production due to the fighting in Libya and doesn't think it will resume this year.