Business

Wednesday April 29, 2009

Bayer 1Q net profit down 44%


FRANKFURT (AP) - German pharmaceutical and chemical company Bayer AG said Wednesday that its first-quarter net profit fell 44 percent as the global economic crisis cut sharply into demand.

The Leverkusen-based company said net profit for the January-March period was down to euro425 million ($561 million) from euro762 million a year earlier.

Sales for the company fell 7.5 percent, dropping to euro7.9 billion from euro8.5 billion.

As for the outlook, Bayer said it expects a "varied development" for 2009.

The crop science and health care segments should see gains in sales and profits, the company said.

The material science division, which makes chemicals and plastics and saw sales and profits decline in the first quarter, is expected to stabilize and show better results in the current quarter. - AP


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