Bayer Q1 net more than quadruples on one-time gains from asset sales UPDATE |
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Thu, 26 Apr 2007 06:41
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(Adding ebitda)FRANKFURT (Thomson Financial) - Bayer AG unexpectedly released first-quarter earnings figures, saying net profit more than quadrupled to 2.8 bln eur from 0.6 bln thanks to one-time gains from asset sales.Net profit was boosted by a one-time gain of just under 2.2 bln eur from the divestment of the diagnostics business and HC Starck.Sales in the three months through March rose 23 pct to 8.3 bln eur.The company confirmed its 'positive' outlook for the full year.Earnings before interest, tax, depreciation and amortization rose 27 pct to 2.0 bln eur in the first quarter, led by the Bayer HealthCare unit, which almost doubled earnings.Ebitda at the HealthCare division rose to 950 mln eur after Bayer bought rival Schering and increased sales of over-the-counter medications.Bayer is scheduled to publish full first-quarter figures on May 8.maria.sheahan@thomson.commas/hjp/mas/hjpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Bayer Q1 net profit more than quadruples on one-time gains from asset sales 