Bayer starts 2004 on a stable footing
German chemicals giant, Bayer AG, has posted stable results for the first quarter 2004.
The company reported that Q1 sales remained flat at €7.4 million, as did EBIT before special items at €827 million. Growth was mainly achieved through its MaterialScience and Lanxess business.
Bayer said it expected EBIT to increase by more than 10% during 2004 and identified the current economic situation and the volatility of raw material prices as possible risks to the company.
Werner Wenning, chairman of Bayer’s Board of Management, commented: “Bayer got off to a good start in 2004. Our performance in the first quarter confirms that the company is on the right track, with first quarter sales of €7.4 million, Bayer matched the high level of the previous year despite the substantial appreciation of the euro. Negative currency and portfolio changes were more than offset by a 10% increase in volumes.”
