28 July 2011 07:30 [Source: ICIS news]
SINGAPORE (ICIS)--German chemicals producer Bayer reported on Thursday a 40.9% year-on-year jump in net profit to €747m ($1.07bn), even with flat earnings from its MaterialScience business.
The MaterialScience segment reported €372m in earnings before interest, tax, depreciation and amortisation (EBITDA) before special items for the June 2011 quarter, from €373m in the same period last year.
“The significant increase in raw material and energy costs was more than offset by higher selling prices. Earnings were diminished by higher costs, partly in connection with the commissioning of our TDI [toluene di-isocynate] train in ?xml:namespace>
Meanwhile, Bayer’s overall second-quarter sales inched up 0.8% to €9.25bn, with group operating profit rising 25.9% year on year to €1.27bn.
The company’s EBITDA before special items for the three months to June increased 5.8% year to €2.04bn, Bayer said.
For the first six months of the year, Bayer’s overall net profit was up 23.3% to €1.43bn, with sales rising 6.7% at €18.7bn, the company said.
EBIT for the period was up 14.5% year on year to €2.24bn, it said.
For the whole of 2011, Bayer said it is looking at sales of between €36bn-37bn, with a target to increase EBITDA before special items to more than €7.5bn.
The company reiterated is target to increase profit by about 15% this year.
($1 = €0.70)
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