28 February 2013 07:27 [Source: ICIS news]
Correction: In the ICIS story headlined "Germany's Bayer Q4 net profit down 5.8% at €374m" dated 28 February 2013, please read in the second paragraph ...The company’s group sales rose by 7.3% year on year ...instead of ...The company’s group sales rose by 8.8% year on year. A corrected story follows.
SINGAPORE (ICIS)--Bayer’s net income fell by 5.8% year on year to €374m ($492m) in the fourth quarter of last year, partially weighed by lower operating earnings at its Bayer HealthCare unit, the German major said on Thursday.
The company’s group sales rose by 7.3% year on year to €9.86bn in October-December 2012, while its earnings before interest and taxes (EBIT) was up by 16.9% at €735m, the company said in a statement.
Bayer HealthCare’s EBIT fell by 29.7% year on year to €541m in the fourth quarter.
In contrast, Bayer CropScience saw its EBIT surge to €241m in the same period from €47m in October-December 2011, while operating earnings at Bayer MaterialScience swung to €92m from a loss of €4m.
For the full year of 2012, the company’s net income slipped by 1% year on year to €2.45bn, while sales were up by 8.8% at €39.8bn.
Its EBIT slipped by 4.6% year on year to €3.96bn in 2012, while earnings before interest, tax, depreciation and amortisation (EBITDA) before special items was up by 8.8% at €8.28bn.
“For 2013, Bayer anticipates currency and portfolio-adjusted sales growth of between 4-5%. This corresponds to group sales of around €41bn,” the company said.
“The group plans to increase EBITDA before special items by a mid-single-digit percentage,” it added.
($1 = €0.76)
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