By Cristina Roca

BASF SE said Monday that its first-quarter profit was dragged by a large impairment at its subsidiary Wintershall Dea, even as higher prices drove a big increase in quarterly sales.

The German chemicals company said net profit for the quarter came in at 1.22 billion euros ($1.33 billion), down from EUR1.72 billion a year prior. BASF said this was due to an impairment booked by Wintershall Dea, which said last month it was writing off EUR1.1 billion financing of the now-frozen Nord Stream 2 pipeline.

The company said its operating business performed better than during the same period a year ago.

Sales rose 19% to EUR23.08 billion. Higher prices were the main driver, while currency effects also had a slightly positive effect.

Earnings before interest and tax came in at EUR2.79 billion, up from EUR2.31 billion a year prior. The result exceeded analysts' views of EUR2.38 billion, according to a Vara consensus estimate.

BASF said the figures were preliminary. It will publish its first-quarter statement on April 29.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

April 11, 2022 10:54 ET (14:54 GMT)

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