BUSINESS
10/27/2011 02:31 EDT | Updated 12/26/2011 05:12 EST

Germany's Bayer sees 3rd-quarter earnings more than double, revenue up slightly

BERLIN - Bayer AG says its earnings more than doubled in the third quarter compared with a year-earlier figure that was weighed down by one-time charges.

The pharmaceutical and chemical company said Thursday that its net profit for the July-September period was €642 million ($893 million) — a 125 per cent increase over the previous year's €285 million.

Revenue was up 1 per cent to €8.67 billion from €8.58 billion. Bayer said the increase was driven by sales in emerging markets.

The company confirmed its full-year forecast for increases in revenue and earnings.

Special charges in the third quarter sank to €75 million from €436 million a year earlier. Much of last year's charges stemmed from a set-aside to deal with a settlement program for litigation concerning genetically modified rice.