Bayer earnings slump | 2019-04-26 |

Bayer earnings slump

26 April, 2019 12:00 AM printer

BERLIN: German chemicals giant Bayer said its first quarter net profit slumped by more than a third, as it booked a big charge amid a flood of lawsuits over its subsidiary Monsanto’s Roundup weedkiller.

Amid the legal entanglements and ongoing costs integrating Monsanto, Bayer’s first quarter earnings slumped by 36 percent to 1.241 billion euros ($1.38 billion), reports AFP.

Bayer, which bought Monsanto for $63 billion in June last year, said it now faced lawsuits from 13,400 plaintiffs over the glyphosate weedkiller.

It booked a charge of 51 million euros for “litigations and legal risks” in the first three months of 2019, up sharply from 4 million euros a year ago.