Bayer confident after nearly doubling profits in 2011

28th February 2012, Comments 0 comments

German pharmaceuticals and chemicals giant Bayer, maker of Aspirin, said Tuesday it was confident for the current year after nearly doubling profits in 2011.

Bayer booked net profit of 2.47 billion euros ($3.3 billion) in 2011, an increase of 89.9 percent over the year-earlier figure.

Underlying profit, as measured by earnings before interest and tax (EBIT), was up 52 percent at 4.149 billion euros and revenues advanced by 4.1 percent to 36.528 billion euros.

"We got off to a solid start in 2012," said chief executive Marijn Dekkers. "We are confident for the company's future development."

Last year was "a very successful year for Bayer, both strategically and operationally," and the group achieved record levels of sales and underlying profits, the chief executive boasted.

Looking ahead, Bayer said it expected group sales to rise by around 3.0 percent to some 37 billion euros this year with a slight improvement in underlying earnings.

© 2012 AFP

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