Bayer reports strong increase in earnings in Q1
German specialties chemical company, the Bayer Group, achieved a strong increase in sales and earnings in the first quarter of 2005. According to preliminary figures, sales from continuing operations grew by 15.7% to €6,704 million compared with €5,792 million for the same period in 2004. Currency- and portfolio-adjusted sales expanded by 9.3%.
"The results for the first three months of this year are very pleasing," said management board chairman Werner Wenning. "We have therefore gotten off to a very good start in 2005, and that confirms our optimistic forecast for the full year."
The company stated that all subgroups of the company contributed to the first-quarter performance - particularly MaterialScience, where currency- and portfolio-adjusted sales advanced by 34%.
For 2005 Bayer is targeting an increase of more than 5% in currency- and portfolio-adjusted sales from continuing operations, to over €25 billion.
