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news.Bayer has posted its first quarterly loss of $199.5m in seven years due to charges that included a write-down on its Schering brand, and costs of US legal proceeding.
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Bayer had recorded a profit of $211m in the same period of 2009, and analysts had forecast a 2010 fourth quarter profit of $219m, which did not come through.
The company said the charges included $559m to wind down the group’s Schering brand, and $726m for US legal costs and settlements following lawsuits targeting Bayer’s genetically modified rice.
Core earnings prior to interest, taxes, depreciation and amortization (EBITDA) before special items in the fourth quarter gained 11.6% on the year to $2.33bn, signifying that the group was still profitable.
Its earnings from its MaterialScience unit tripled in 2010 as the global economic rebound boosted demand for construction materials.
However, sales at the HealthCare division suffered due to generic competition and health system reforms.
The group’s third main division CropScience suffered because of a contracting market for conventional crop protection products.