Bayer figures improve

Published: 14-May-2003


The first quarter figures for Bayer, the chemicals and pharmaceuticals company, showed an operating profit of €1.07bn, up 31%. This exceeded market expectations.

The main reason for the improvement in the earnings was the higher results in the business areas of Healthcare and Crop Science (pesticides), along with measures to improve the yield.

With a tax quota that is higher compared with last year, the Group's profits increased by 12% to €586m.

Earlier forecasts of Bayer boss Werner Wenning that the operative result should increase into the double-digits percentage range this year are again reinforced in the quarterly report.

In these three months, the turnover in the ongoing business increased by almost 5% to €7.36b. With currency adjustments, it increased by about 16%. In the Healthcare sector, although turnover fell by 12.5% (mainly due to currency factors) to €2.1bn, the operating result more than doubled to €480m. This reflects both the earnings improvements in the Pharmaceuticals division and biological products, as well as sales earnings from selling the domestic insecticides business

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