By: PLASTICS & RUBBER WEEKLY
August 1, 2013
Bayer AG has reported second quarter figures that were broadly in line with market expectations, while sales in its MaterialScience arm came under pressure in the past three months.
Adjusted earnings before interest, tax, depreciation and amortisation rose to 2.2 billion euros.
However, sales at the firm's MaterialScience business came in 2.7 percent below the previous year's quarter, at 2.9 million euros.
"The market environment for MaterialScience remained difficult in the second quarter," explained Bayer chief executive Marijn Dekkers, blaming lower selling prices in its Asia-Pacific and Europe regions.
Polyurethanes sale rose by 3 percent but polycarbonates dipped by 8.2 percent on weakening demand. In addition, selling prices as a whole were below the prior-year period on account of market overcapacities, he added.
"We are currently maintaining our forecast for 2013, even if this appears increasingly ambitious. It remains to be seen to what extent the unexpectedly weak development at MaterialScience will be offset by our improved performance in the Life Sciences," Dekkers said.