German chemical and pharmaceutical company Bayer AG said Friday its net income improved 44 percent in the fourth quarter to 153 million euros ($208 million) on cost savings and a pickup in some business.
The company, famous for its Bayer aspirin, earned 106 million euros in the October-December period of 2008.
Fourth quarter revenue for the company was nearly unchanged at 7.9 billion euros.
For the full year 2009, the company said net income fell 21 percent to 1.4 billion euros from 1.7 billion euros in 2008. Revenue fell 5.3 percent to 31.2 billion euros from 33 billion euros in 2008.
"We believe the Bayer group is well positioned strategically and on course for success because of the potential our portfolio offers for innovation and growth," Werner Wenning, the company's chief executive, said in the report.
"We were successful in a difficult environment, and we are optimistic for the future."
The company said it plans to increase revenue by more than 5 percent in 2010, while earnings before interest, taxes, depreciation and amortization are planned to increase toward 7 billion euros. In 2009 the company's EBITDA stood at 5.8 billion euros.
Bayer, based in Leverkusen, said revenue for its healthcare business rose nearly 4 percent for the year to almost 16 billion euros, while crop science saw a 2 percent improvement in revenue to nearly 7 billion euros. The healthcare division saw a 21 percent increase in pretax earnings, while crop science saw a 13 percent decline.
The material science division, meanwhile, saw a near 23 percent decline in revenue to nearly 8 billion euros as the downturn weighed on demand. The material science division makes products like chemicals and plastics for industry. The division reported a pretax loss of 266 million euros for 2009.
© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.