BASF issues profits warning, introduces short-time working
Date: 20/01/2009
BASF issued a profits warning on Monday saying that the decline in business was greater than expected in November and would negatively affect earnings. The world's largest chemicals group said it would introduce short-time working for 1,680 employees at German facilities manufacturing products for the automotive industry.Such arrangements could be implemented rapidly elsewhere in Europe , it suggested, warning that job losses could be necessary in other regions.In November 80 of its plants were idled and 100 operating at reduced rates. The downturn currently affects a similar number of units with 50 idled and 130 running at reduced capacity.In Germany employees can work fewer hours or not at all for a maximum period of 18 months so as to avoid redundancy. Plant closures in North America and Asia affecting 200 jobs have already been announced but more job losses could follow, the company warned.
BASF issued a profits warning on Monday saying that the decline in business was greater than expected in November and would negatively affect earnings. The world's largest chemicals group said it would introduce short-time working for 1,680 employees at German facilities manufacturing products for the automotive industry.Such arrangements could be implemented rapidly elsewhere in Europe , it suggested, warning that job losses could be necessary in other regions.In November 80 of its plants were idled and 100 operating at reduced rates. The downturn currently affects a similar number of units with 50 idled and 130 running at reduced capacity.In Germany employees can work fewer hours or not at all for a maximum period of 18 months so as to avoid redundancy. Plant closures in North America and Asia affecting 200 jobs have already been announced but more job losses could follow, the company warned.
SABIC Q4 net profit plunges 95% to $82.9m
Date: 20/01/2009
Saudi Basic Industries Corp (SABIC) has reported a 95% plunge in its net profits for the fourth quarter ended 31 December to Saudi Riyal (SR) 311m ($82.9m) on weakening global demand, the company said on Tuesday.SABIC reported SR 6.87bn in profits in the same period in 2007.The sharp decline was primarily due to much weaker demand for petrochemical products amid the downturn that has hit the world's major economies, SABIC said in a filing to the Saudi Stock Exchange (Tawadul).SABIC also highlighted the difficulties businesses face in obtaining necessary credit facilities from banks, which helped accelerate the pace of decline in petrochemical values, as well as demand for products.Operating profits for the quarter tumbled 86% on year to SR 1.61bn as compared to SR 11.11bn in the same period last year.
Saudi Basic Industries Corp (SABIC) has reported a 95% plunge in its net profits for the fourth quarter ended 31 December to Saudi Riyal (SR) 311m ($82.9m) on weakening global demand, the company said on Tuesday.SABIC reported SR 6.87bn in profits in the same period in 2007.The sharp decline was primarily due to much weaker demand for petrochemical products amid the downturn that has hit the world's major economies, SABIC said in a filing to the Saudi Stock Exchange (Tawadul).SABIC also highlighted the difficulties businesses face in obtaining necessary credit facilities from banks, which helped accelerate the pace of decline in petrochemical values, as well as demand for products.Operating profits for the quarter tumbled 86% on year to SR 1.61bn as compared to SR 11.11bn in the same period last year.
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