German drugs and chemicals major Bayer AG posted first-half 1997 resultswhich at first disappointed analysts and investors, who later saw underlying strength in the figures; the firm's shares fell at first but recovered.
Bayer group sales for the period rose 11% to 27.4 billion Deutschemarks ($14.94 billion), with 1.3 billion marks attributed to favorable currency exchange rates, 1.7 billion marks to higher volumes and 300 million marks to newly-acquired businesses. Group profits increased 13% to 1.7 billion marks, and there was a significant rise in cash flow of 18% to 3.2 billion marks, the company revealed.
Full-Year Sales Forecast Of Over 50 Billion DM For the second half of the year, Bayer says it expects the "lively demand to continue and exchange rates, especially that of the US dollar, to remain stable." The company adds that it is "confident that sales for the full year will exceed 50 billion marks, and that the net income will show an increase over 1996."
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