Currency headwinds sap Bayer in Q1

Frankfurt am Main: German chemicals firm Bayer said on Thursday exchange rate headwinds had undermined revenues and profits in the first quarter, but kept its eyes on a planned takeover of US seeds and pesticides maker Monsanto. Net profits at the Leverkusen-based group fell 6.2 per cent year-on-year, to just under 2.0 billion euros ($2.4 billion). Operating, or underlying profits lost 4.8 per cent to reach 2.3 billion euros, on the back of revenues down 5.6 per cent at 9.1 billion. Sales fell at all the group’s divisions although Bayer said that adjusting for currency effects sales of pharmaceuticals and veterinary products had in fact increased.— AFP