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Bayer net profit falls in Q2 2010, guidance affirmed
29 July 2010 - German chemicals and pharmaceuticals maker Bayer AG (ETR: BAY) said today its net profit went down to EUR525m (USD681.4m) in the second quarter of 2010 from EUR532m in the corresponding period of 2009.
Earnings before interest and tax (EBIT) fell 1.6% on the year to EUR1bn, while adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) increased by 5% year-on-year to EUR1.8bn.
Bayer´s sales grew to EUR9.18bn, up 14.6% compared with the second quarter of 2009.
The company said the positive development of the MaterialScience division offset the performance of the CropScience and the HealthCare divisions, which was below the expectations.
In the first six months of 2010, the firm´s net profit increased by 27.3% on the year to EUR1.22bn. EBIT rose by an annual 10.4% to EUR2.2bn and adjusted EBITDA stood at EUR3.64bn, up by almost 8% on the year. Bayer saw its sales in the first half of 2010 at EUR17.5bn, which represents an annual increase of 10%.
In the full 2010, the company sees its adjusted sales rise by more than 5% and EBITDA before special items to amount to more than EUR7bn.
(EUR1 = USD1.297)
Earnings before interest and tax (EBIT) fell 1.6% on the year to EUR1bn, while adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) increased by 5% year-on-year to EUR1.8bn.
Bayer´s sales grew to EUR9.18bn, up 14.6% compared with the second quarter of 2009.
The company said the positive development of the MaterialScience division offset the performance of the CropScience and the HealthCare divisions, which was below the expectations.
In the first six months of 2010, the firm´s net profit increased by 27.3% on the year to EUR1.22bn. EBIT rose by an annual 10.4% to EUR2.2bn and adjusted EBITDA stood at EUR3.64bn, up by almost 8% on the year. Bayer saw its sales in the first half of 2010 at EUR17.5bn, which represents an annual increase of 10%.
In the full 2010, the company sees its adjusted sales rise by more than 5% and EBITDA before special items to amount to more than EUR7bn.
(EUR1 = USD1.297)
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