Leverkusen, Germany - Bayer AG reported a 5.8 percent boost in revenues for the second quarter of this year and strong sales of polyurethanes.
The German chemicals conglomerate posted second-quarter sales for the group of €7072 million ($8971 million) and EBITDA (earnings before interest, taxes, depreciation and amortisation) of €1342 million, an 11.4 percent increase from the same period last year.
The Bayer MaterialScience (BMS) unit, which manufactures and markets polyurethane products, reported a 5.4 percent second-quarter growth in sales to €2883 million and EBITDA of €489 million, a 3.2 percent increase.
''Business growth was mainly volume-driven, with the polyurethanes and the coatings, adhesives, sealants business units the main contributors,'' a company statement said.
The company expected EBITDA for the full year at BMS to be on par with last year's ''outstanding'' results.
''Bayer currently views the market environment for its MaterialScience business as positive despite a significant rise in raw material costs. Business so far in 2006 and the prospects for the second half of the year are ahead of expectations,'' the company said.
Bayer reported a 7.9 percent growth in second-quarter sales in its North American market to €1908 million, a 4 percent increase in Europe to €3169 million and an increase of 4.2 percent to €1136 million in Asia, including 22 percent growth in China.