Leverkusen, Germany - Bayer Group has announced continued success in the second quarter of 2008 with sales up 3.6 percent to Euro 8511 million ($13 214 million) and profitability (EBITDA) increased by 5 percent to Euro 1896 million.
The company reported that the market had been difficult for the Bayer MaterialScience unit.
Bayer said sales of its high-tech materials business were level with the prior-year quarter, at Euro 2622 million.
Within the systems segment, sales grew by 3.7 percent (currency and portfolio adjusted 8.1 percent) to Euro 1935 million. The polyurethanes business, and in particular TDI (toluene disocyanate), "posted a gratifying result," the company said. Sales within the polyurethanes business unit rose by a currency and portfolio-adjusted 8.7 percent overall. The thermoplastic polyurethanes business unit increased sales by a currency and portfolio adjusted 4.3 percent.
However, the materials segment - polycarbonate and thermoplastic polyurethanes generated sales of Euro 687 million, down 9.2 percent (currency and portfolio adjusted: 1.8 percent) from the previous year.
Profit of Bayer MaterialScience fell by 9 percent to Euro 372 million. "Overall earnings were weighed down by a year-on-year increase of more than Euro 100 million in raw material and energy costs and by negative currency shifts. These effects were not completely offset by selling price and volume increases and savings from the cost structure programme," the company said.