Germany's Merck Q3 net profit swings to €316m on cost efficiency

14 November 2013 09:01  [Source: ICIS news]

SINGAPORE (ICIS)--Merck Group’s net profit swung to €316m ($427m) in the third quarter from a net loss of €63.2m in the same period in 2012, boosted partly by efficiency measures, the German drug maker said on Thursday.

Overall revenue in the third quarter fell by 3.1% year on year to €2.75bn in the third quarter, because of “ negative foreign exchange effects”, Merck said in a statement.

Pre-exceptionals earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 10.1% at €830.7m.

The company said despite facing “massive headwinds from foreign exchange effects”, it had generated record earnings, because of “the accelerated implementation of efficiency measures”.

For the first nine months of this year, Merck’s net profit surged to €582m from €109.5m in the same period in 2012, with sales down by 0.2% at €8.35bn.

Merck said it expects the remainder of the year to continue the trend from the previous three quarters.

Merck also expects its full-year EBITDA for 2013, after adjusting for one-offs, to grow to €3.2bn-3.25bn from its previous estimate of €3.1bn-3.2bn.

($1 = €0.74)

By: Nurluqman Suratman

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