Operating profits fall 40% at BASF on higher turnover

BASF Ireland, the subsidiary of Europe's largest chemicals company, had a turnover of £35 million in the first half of the year, a 9 per cent increase on the same period in 1998.

The company said its agriculture and nutrition, chemical and specialities divisions all performed well.

Overall, the group experienced a 40 per cent drop in operating profit, to €421 million (£332 million) from €723 million as a result of an industry slump coupled with fines and legal costs.