Shares in BASF tumbled by more than 5 per cent Thursday after the world's biggest chemicals group warned about its business outlook despite reporting solid second-quarter earnings, according to dpa. The fall in shares came despite the German-based group reporting a 23-per-cent rise in net profit to 1.45 billion euros (2.1 billion euros) in the three months to the end of June from 1.18 billion euros in the same period last year. Sales rose 19.4 per cent to 18.46 billion euros. "We continue to be concerned about the development of the euro as well as the debt situation in some European countries and the US," said Kurt Bock who unveiled his first quarterly report after taking over as the group's chief executive in May. Releasing the results, Bock also warned that high oil price were undercutting margins and resulting customers taking a more cautious approach to placing orders. BASF shares were down at about 62 euros in early morning trading. However, BASF confirmed its outlook for the full year and predicted "significant sales growth" in 2011. It said earnings before interest and taxes before special items edged up to 2.24 billion euros in the second quarter from 2.21 billion euros.
