BASF reports Q1 profits down by 20 percent

BASF, the world's largest chemical maker, reported Tuesday its profit fell 20 percent in the first quarter, largely due to an increased tax bill.

Net profit fell to 442 million euros ($486 million) in the January-March period from 552 million a year earlier, Ludwigshafen-based BASF said.

The main reason for the drop, the company said, was a 79 million euro ($87 million) rise in income taxes for oil production, the company said. Last year's results reflected a gain on the sale of securities.

Overall sales rose 7 percent to 8.8 billion euros ($9.7 billion). One major contributor was the company's oil and gas division, where higher oil prices had led to a 21 percent increase in sale, according to the company.