Bayer books bumper Q3 windfall gain

Frankfurt am Main: German chemicals and pharmaceuticals giant Bayer said on Thursday it booked a huge windfall gain in the third quarter, but reported no fresh progress on its planned mega-merger with US seeds and pesticides maker Monsanto. Group net profit stood at 3.9 billion euros ($4.6 billion) between July and September, more than triple the 1.2 billion euros reported in the same period last year. But this year’s result included a one-off gain of 2.8 billion euros related to the spin-off of Bayer’s polymers division, Covestro. Underlying or operating profit increased by 7.6 per cent year-on-year to 1.6 billion euros. — AFP