The Bayer Group (Leverkusen, Germany) announced that results for the second quarter of 2009 were improved, but still below second quarter 2008. Group sales fell by 5.9% to EUR 8,009 million.
The MaterialScience group was the only one to see a loss, dropping by 30.2% compared to Q2 2008 to EUR 1,830 million. Sales of polyurethanes had the steepest decline at 38.6% after adjustments. Polycarbonates fell by 32.3%, and the coatings, adhesives, and specialties unit declined by 29.3%. According to the company, a decision has been made to permanently shut down certain capacities for polyurethanes; coatings, adhesives, and specialties; and basic chemicals by the end of the year.
Bayer’s HealthCare group saw a rise in Q2 sales by 8.3%, and CropScience was up by 2.7%.
Overall, net income for the company was down 7.3% year-on-year. Gross cash flow fell by 5.6%; however, net cash flow climbed by 57.4%.