Basf Bullish On 1998 Prospects

German chemicals group BASF yesterday said it was confident of boosting sales and profit in 1998 as it reported a 14.1 per cent rise in group after-tax earnings for the first quarter. First-quarter net income rose to 815 million marks from 714 million a year earlier, while operating profit climbed 15.3 percent to 1.34 billion marks. The company took an extraordinary charge of 362 million marks in the quarter, compared to a charge of 217 million in 1997. Earnings were boosted by its seasonal crop protection business. (Reuters), whose contribution will decline during the second half, and a strong dollar. Chemicals accounted for around 30 per cent of first quarter sales, followed by health and nutrition, colorants and finishing products and plastics and fibres. (Reuters)

The selling price will range from 248,000 yen to 980,000 yen.