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Germany’s Bayer AG reports 46% rise in Q2 net

Germany’s Bayer AG reports 46% rise in Q2 net
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First Published: Tue, Aug 07 2007. 12 38 PM IST
Updated: Tue, Aug 07 2007. 12 38 PM IST
AP
Frankfurt: German pharmaceutical and chemical company Bayer AG on Tuesday, 7 August, reported a 46% increase in net profits in the second quarter, driven by a one-off gain.
Net profit in the three months to 30 June was €660 million ($912 million), up from €452 million on the quarter the year before for the Leverkusen-based company. Analysts polled by Dow Jones Newswires, however, had predicted an increase to €687 million ($949.3 million).
Profit was boosted by a €231 million ($319 million) book gain from the sale of the Wolff Walsrode group, a producer of cellulose-based chemicals, to Dow Chemical Co. The overall €540 million ($746 million) deal closed in July.
Sales in the quarter increased 22% to €8.22 billion ($11.4 billion), compared with €6.74 billion a year earlier, the company said.
Bayer shares closed Monday at €52.23.
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First Published: Tue, Aug 07 2007. 12 38 PM IST