BASF SE said on Monday (June 27) that BASF expects the overall profitability of the chemical industry to decline. This forecast is basically in line with the warning issued by BASF’s rival Akzo Nobel on Monday.
BASF expects the sales growth of the company in 2011 to be significantly higher than the 2010 revenue of 814 million euros.
The further increase in the cost of raw materials and the lack of market demand led AkzoNobel to announce its fiscal year profit forecast on Monday (June 27). Akzo Nobel took the lead on the day and the stock recently fell by 10.4%. AkzoNobel's profit warning also weighed on BASF's drop of 1.1%.
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