BERLIN, Nov 8 — German chemicals giant Bayer today reported a more than six-fold increase in third-quarter profits due to a strong performance from its agrochemicals division.
Net profit in the July-to-September period was €546 million (RM2.5 billion), slightly above forecasts.
Bayer reported €85 million in profit in the third quarter of 2021, when its results were hit by legal battles related to glyphosate.
The substance has been deemed a “probable” carcinogen by the International Agency for Research on Cancer.
In its latest results, the maker of Aspirin saw its operating profit jump more than 126 per cent on-year, with earnings before interest and tax reaching €1.2 billion.
Sales rose by 5.7 per cent, to more than €11.2 billion.
“Despite rising inflation and global supply chain problems, we were again able to boost sales and earnings,” said Bayer CEO Werner Baumann.
The results were boosted by the agrochemicals division, which saw its sales rise 8.4 per cent to €4.6 billion.
Herbicide sales surged 44.9 per cent due to price increases in “a positive market environment”, Bayer said.
The company however warned of risks ahead due to rising costs as inflation surges, and disruptions to supply chains. — AFP
