March 18, 1998 in Nation/World

Bayer Predicts Sales To Increase 4% In ‘98

Compiled From Wire Services

German chemical maker Bayer AG predicted Tuesday that sales and pretax profit would grow by 4 percent in 1998 to $32 billion and $3 billion respectively.

“We intend to go on growing. Sales and earnings for the first two months are ahead of last year,” Chairman Manfred Schneider said at Bayer’s annual press conference.

Last week, the chemical and drug company said its earnings rose 7.7 percent in 1997, citing preliminary profit figures of $1.61 billion. Group sales rose 13 percent to $30.56 billion in 1997, from $27 billion in 1996. Pretax profit in 1997 was $2.84 billion, up from $2.47 billion, the company said.

Bayer reported Tuesday that its 1997 per-share earnings rose to $2.25 from $2.14 in 1996.

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