Bayer boosts fore­cast after strong quar­ter

The Myanmar Times - - International Business -

GER­MAN chem­i­cals and phar­ma­ceu­ti­cals gi­ant Bayer said yes­ter­day that it had slightly in­creased its fore­cast for the whole year after boost­ing sales and prof­its in the third quar­ter.

Re­sults re­leased by the firm showed it had in­creased prof­its by 18.8 per­cent to 1.2 bil­lion eu­ros (US$1.3 bil­lion) be­tween July and Septem­ber com­pared with the same pe­riod the pre­vi­ous year, on sales of 11.3 bil­lion eu­ros.

Based on its per­for­mance, Bayer said it would tar­get a “high sin­gledigit per­cent­age in­crease in ad­justed prof­its per share” for the whole year rather than the “mid-to-high” in- crease it had in its sights.

Growth was driven by the Lev­erkusen based firm’s pre­scrip­tion drugs di­vi­sion, which boosted its un­der­ly­ing profit 16.5pc to 1.1 bil­lion eu­ros on stronger sales.

Mean­while, the agro­chem­i­cals unit was able to in­crease prof­its by al­most 8pc on slightly weaker sales than in the third quar­ter of 2015.

Bayer’s agri­cul­ture ac­tiv­i­ties are in the spot­light as it pre­pares for a 58.8-bil­lion-euro takeover of US maker of ge­net­i­cally mod­i­fied seeds and pes­ti­cides Mon­santo.

The ac­qui­si­tion has yet to be ap­proved by US and Euro­pean com­pe­ti­tion au­thor­i­ties. –

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