Bayer 3rd-Quarter Earnings More Than Double
BERLIN, October 27, 2011 (AP) - Bayer AG says its earnings more than doubled in the third quarter compared with a year-earlier figure that was weighed down by one-time charges.
The pharmaceutical and chemical company said Thursday that its net profit for the July-September period was €642 million ($893 million) - a 125 percent increase over the previous year's €285 million.
Revenue was up 1 percent to €8.67 billion from €8.58 billion. Bayer said the increase was driven by sales in emerging markets.
The company confirmed its full-year forecast for increases in revenue and earnings.
Special charges in the third quarter sank to €75 million
from €436 million a year earlier. Much of last year's charges
stemmed from a set-aside to deal with a settlement program for
litigation concerning genetically modified rice.
Posted: October 2011