BERLIN, Aug 4 — German chemicals giant Bayer reported today a second quarter net loss of €9.5 billion (RM47 billion), reflecting the “exceptional impact” of a US settlement of thousands of claims that its glyphosate weed killer caused cancer.
The heavy loss compared to a profit of €404 million in the same three-month period of last year.
In June, Bayer signed an agreement worth between US$8.8-9.6 billion to settle some 125,000 claims in the United States over the Roundup weed killer it acquired when it bought American group Monsanto in 2018.
Bayer said its business was also hit by the fallout from the coronavirus pandemic.
In the three months to June, sales slipped 2.5 per cent to €10.7 billion.
Bayer said it now expected sales for this year to slip to between €43 and €44 billion, down from its earlier forecast of between €44 and €45 billion.
Bayer said its pharmaceuticals division suffered as countries put off treatments to focus on the coronavirus. — AFP
