Bayer AG sees record-breaking 1st qtr with EBIT up 8.2% to $1.56 billion on strong health care sales
German drugmaker Bayer AG says it had a record-breaking first quarter in 2006 with its operating result before interest, tax and special items rising 8.2% to an all-time high of 1.24 billion euros ($1.56 billion).
The Leverkusen-headquartered group saw sales improve 11.8% to 7.49 billion euros and, adjusted for currency and portfolio effects, sales grew 5.8% mainly due to Bayer's HealthCare and MaterialScience divisions.
Earnings before interest, taxes, depreciation and amortization and special items rose 6.7% to a record 1.68 billion euros. However, earnings were impaired by special charges totaling 128.0 million euros from US legal proceedings regarding the production of propylene oxide and so, the group's net income amounted to 600.0 million euros, a 7.9% drop.
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