Bayer profits down in second quarter

German chemicals and pharmaceuticals giant Bayer, maker of Aspirin, said on July 31 its bottom-line profit fell by a third in the second quarter, but it was nevertheless raising its full-year profit targets.
Bayer said in a statement its net profit declined by 34 percent to 494 million euros ($606 million) in the period from April to June. Nevertheless, the decline was primarily due to provisions the group was setting aside for litigation connected with its oral contraceptive drug Yasmin and underlying profits were higher, Bayer said. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 6.7 percent to 2.172 billion euros on a 10-percent rise in sales to 10.177 billion euros, Bayer said. "In view of the strong business performance, we are raising our guidance for the full year 2012," said chief executive Marijn Dekkers.