"We're on track," says Bayer chairman, despite 76% profit plunge in 3rd qtr
Leverkusen, Germany-headquartered Bayer Group's profit for the third quarter of 2008 plunged by 76% year-on-year, on nearly flat sales, due to a 911.0-million euro ($1.13 billion) one-time tax benefit from local corporation tax reform inflating the comparitive figure.
Revenue rose 2% to 7.95 billion euros, whereas net income dropped to 277.0 million euros from 1.18 billion euros. A consensus of seven analysts polled by Bloomberg news had predicted 302.0 million euros. Core earnings per share, however, increased to 0.85 euros vs 0.81 euros.
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