Bayer Q2 profit dips 13%
German pharmaceutical and chemicals group Bayer posted a 13% drop in second-quarter net profit on Wednesday but said it reflected a one-off item and that the business itself had grown.
FRANKFURT: German pharmaceutical and chemicals group Bayer posted a 13% drop in second-quarter net profit on Wednesday but said it reflected a one-off item and that the business itself had grown.
Bayer���s net profit fell to 574 mn, but the previous year���s figure had been boosted by the sale of a subsidiary, a statement said. Second quarter sales rose by 3.6% to 8.511 bn, and pre-tax operating profit gained 5% to 1.896 bn.
���We succeeded in significantly improving our operating result although exchange rates remained unfavourable and energy and raw material costs continued to rise,��� Bayer chairman Werner Wenning was quoted as saying.
The group raised its full year outlook moreover, saying that the growth of sales would be ���more than 5% on a currency-and portfolio-adjusted basis.��� Pre-tax operating profit was also expected to rise, but Bayer did not put a figure on that forecast.
Bayer���s net profit fell to 574 mn, but the previous year���s figure had been boosted by the sale of a subsidiary, a statement said. Second quarter sales rose by 3.6% to 8.511 bn, and pre-tax operating profit gained 5% to 1.896 bn.
���We succeeded in significantly improving our operating result although exchange rates remained unfavourable and energy and raw material costs continued to rise,��� Bayer chairman Werner Wenning was quoted as saying.
The group raised its full year outlook moreover, saying that the growth of sales would be ���more than 5% on a currency-and portfolio-adjusted basis.��� Pre-tax operating profit was also expected to rise, but Bayer did not put a figure on that forecast.
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