29 April 2009 07:26 [Source: ICIS news]
SINGAPORE (ICIS news)--Bayer has reported a 44.2% year-on-year plunge in its first quarter net income to €425m ($561m) due to the poor performance of its MaterialScience business, the German specialty chemical maker said on Wednesday.
"The MaterialScience subgroup experienced a steep fall in volumes, with pressure on prices increasing at the same time. Nearly all product groups at MaterialScience were impacted by this trend in all regional markets," said Bayer chairman Werner Wenning.
Sales at the company’s MaterialScience division posted a “severe drop” of 34.9% to €1.64bn on “considerably weaker demand in the relevant customer industries,” Bayer said.
Wenning said the weakness in this particular business segment was “unprecedented”.
Group earnings before interest, tax (EBIT) and special items also fell 32.1% year-on-year to €1.02bn.
(€1 = $1.32)
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