Germany's Bayer Q3 net income down 17% on special charges

30 October 2012 07:39  [Source: ICIS news]

SINGAPORE (ICIS)--Bayer’s net income fell by 17.8% year on year to €528m ($677m) in the third quarter of this year, weighed by special charges relating to legal claims and restructuring expenses, the German major said on Tuesday.

The company’s sales grew by 11.5% year on year to €9.67bn in July-September this year, while earnings before interest and taxes (EBIT) fell by 23.7% to 838m, the company said in a statement.

"We confirm the sales and earnings forecast for 2012 that we raised in July," said Bayer’s management board chairman Marijn Dekkers.

“Bayer continues to anticipate a currency- and portfolio-adjusted sales increase of between 4% and 5% for the full year 2012, which would result in group sales of about €39bn to €40bn,” the company said.

Bayer also plans to increase earnings before interest, tax, depreciation and amortisation (EBITDA) before special items by a “high-single-digit percentage”, the company said.

“In addition to the special charges already recognized, Bayer anticipates further expenses of €200m for ongoing restructuring programs in the fourth quarter of 2012,” it added.

($1 = €0.78)

By: Nurluqman Suratman

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