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BASF Q1 oper profit down 58%, sets job cuts

  BASF’s first quarter operating profit slumped 58% as demand from key customers in the automotive and construction sectors shows no sign of recovery, prompting the chemicals group to cut jobs.

The world’s largest chemical maker said fourth-quarter earnings before interest and taxes (Ebit) excluding one-off items fell to €985 million ($1.31 billion), ahead of the average estimate of 744 million in a Reuters poll of 16 analysts.

BASF said it planned to cut at least 2,000 of its currently almost 100,000-strong workforce by year-end as part of a cost cutting program. (Reuters)