FRANKFURT: German chemicals giant BASF said on Friday that its first-quarter business took a hit from low oil prices, but bottom-line profit increased nevertheless thanks to lower taxes. BASF said in a statement that net profit rose by 18 per cent to 1.4 billion euros in the period from January to March. But that was largely due to a much lower tax rate in the three-month period, BASF explained. Underlying or operating profit declined by six per cent to 1.9 billion euros and revenues dropped by 29 per cent to 14.2 billion euros, BASF said. This was ‘largely on account of the divestiture of the gas trading and storage business’, the statement said.