Bayer AG raised full-year estimates as second-quarter sales came in higher than estimates and was boosted by positive currency effects, although it posted a net loss in the quarter and said it took other impairment charges and legal issues .
The German pharmaceuticals and agricultural group reported a net loss of 298 million euros for the second quarter, down from losses of 2.34 billion euros a year ago, when it was hit by high legal costs over the herbicide. Roundups.
Earnings before interest and taxes came in at 169 million euros from losses before taxes and interest of 2.28 billion euros a year ago.
Bayer highlighted that the figure was hit by net special charges of 2.11 billion euros, including impairment losses related to agricultural activities.
Other special charges related to continued legal proceedings and restructuring measures.
The company also announced that it took additional provisions of €694 million in the second quarter due to ongoing negotiations with the US state of Oregon over an environmental case.
EBITDA rose to 3.35 billion euros from 2.58 billion euros a year ago, mainly thanks to positive currency effects, Bayer said.
Sales for the quarter beat estimates and rose to 12.8 billion euros from 10.85 billion euros a year ago.
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