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BASF says Q2 operating income well above projections

FILE PHOTO: A general view of the German chemical company, BASF Schwarzheide GmbH in Schwarzheide

FRANKFURT (Reuters) - German chemicals giant BASF said its operating income in the second quarter came in significantly above analyst expectations as it passed on higher raw material costs and benefited from a strong dollar

Quarterly earnings before interest, tax and special items was 2.34 billion euros ($2.36 billion), a touch below the 2.36 billion euros it earned a year earlier, BASF said in an unscheduled statement on Monday, citing preliminary figures.

BASF, which is scheduled to publish detailed results on July 27, said its full-year outlook remained unchanged.

Chief Executive Martin Burdermueller warned last month that while the group enjoyed strong pricing power during the first half, it would likely face a considerable downturn early in the second half of the year.

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He warned at the time that inflation would begin to weigh on consumer demand and competitors are expected to reinstate crippled supply chains.

The group also said in a statement last month it was bracing for a massive increase in gas prices amid dwindling supplies from Russia.

Second quarter sales rose 16.3% to 22.97 billion euros, well above the market consensus.

(Reporting by Ludwig Burger; Editing by Hugh Lawson and Bernadette Baum)