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BASF suffers 1.4 bln euro net loss on shutdown of Wintershall Dea Russia operations
17/01/2023 19:48 - RSF
BERLIN, Jan 17 (Reuters) - Chemicals giant BASF (BAS.EQ) reported a net loss in 2022 of 1.4 billion euros ($1.51 billion) in preliminary results on Tuesday, dragged down by a 7.3 billion euro impairment caused largely by the deconsolidation of Wintershall Dea AG in Russia.
The oil and gas business jointly owned by BASF and investor group LetterOne intends to fully exit Russia, BASF said in a statement, reporting "extensive loss of actual influence and economic expropriation" in the country.
Analysts had expected net income of 4.7 billion euros from the chemicals giant. Earnings before interest and tax were 6.5 billion euros, slightly below analysts' estimates of 6.8 billion euros.
17/01/2023 19:48 - RSF
BERLIN, Jan 17 (Reuters) - Chemicals giant BASF (BAS.EQ) reported a net loss in 2022 of 1.4 billion euros ($1.51 billion) in preliminary results on Tuesday, dragged down by a 7.3 billion euro impairment caused largely by the deconsolidation of Wintershall Dea AG in Russia.
The oil and gas business jointly owned by BASF and investor group LetterOne intends to fully exit Russia, BASF said in a statement, reporting "extensive loss of actual influence and economic expropriation" in the country.
Analysts had expected net income of 4.7 billion euros from the chemicals giant. Earnings before interest and tax were 6.5 billion euros, slightly below analysts' estimates of 6.8 billion euros.