"Bayer's profit falls by more than a third year-on-year

German chemicals and pharmaceuticals giant Bayer AG has reported a more than one-third drop in first-quarter net profit, with revenue almost flat.

According to the group's announcement, net profit in the January-March period was down 35.1% year-on-year to around €1.3 billion, while sales revenue fell 0.2% to €13.74 billion.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 7.3% to €4.09 billion.

Revenues from the Agriculture business unit fell 4.1% to €7.58 billion, while Pharmaceuticals &ndash increased 4.4% to €4.55 billion and Non-prescription &ndash 4.7% to €1.5 billion.

On Monday, „Bayer“ announced plans to cut more than 200 jobs at its agricultural unit in Germany.