Bayer On Target With Solid Interim Gains

Bayer of Germany has delivered figures for the first six months of 1996 in line with its expectations, and says that it is standing by its full-year targets of a 6% rise in sales and a 10% increase in pretax profits.

Pretax profits for the Bayer group in the first half of the year grew 13% to 2.7 billion Deutschemarks ($1.8 billion), mainly as a result of further productivity improvements. Another contributory factor was the income from the sale of the group's consumer care brands. Net profits were 1.5 billion marks, up 15.9%.

First-half sales were 24.8 billion marks, up 7% on the like, year-earlier period. The group said of the increase that four percentage points were attributable to the ABS plastics, printing plate and Florasynth acquisitions. Favorable exchange rate movements accounted for two percentage points, and higher selling prices one percentage point.