Bayer: Strong euro reins in profit gains

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BAYER’S net profit surged 13 percent in the second quarter, the German chemical giant said yesterday, but it fell short of expectations due to the strength of the euro. Net profit for the quarter to June jumped to e953 million (R14bn), boosted by demand for new drug lines and fertilisers. Analysts polled by Dow Jones Newswires had expected around e992m. Turnover climbed just 0.9 percent to e10.5bn. “The company again had to weather significantly negative currency effects which, however, were offset by strong business development,” it said. The impact of a strong euro on sales led Bayer to reduce its full-year outlook. Adjusted earnings before interest, tax, depreciation and amortisation were now expected to fall by around e550m, not e450m. – Sapa-AFP

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