Bayer Q1 profit up 11.5%; material science earnings fall 65.3%

25 April 2013 06:52  [Source: ICIS news]

SINGAPORE (ICIS)--Bayer’s first-quarter net profit grew 11.5% year on year to €1.16bn ($1.5bn) on the back of a 2.1% increase in sales, although earnings from its material science segment plunged, the German chemical firm said on Thursday.

Overall sales for January to March 2013 totalled €10.3bn, with operating profit at €1.77bn, up by 8.6% from the same period last year, Bayer said in a statement.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the March quarter inched up 1.6% to €2.42bn, it said.

In the material science segment, operating profit plunged 65.3% year on year to €41m, with sales slipped 0.4% to €2.78bn.

For the whole of 2013, Bayer is targeting group sales of about €41bn.

($1 = €0.77)

By: Pearl Bantillo
+65 6780 4359

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