Bayer MaterialScience second quarter profits up 131% compared to last year

Bayer MaterialScience turned in a greatly improved performance in the second quarter with the polymer-based business raising pre-tax profits over the same period of 2003 by 131% to E215m.

Polycarbonate sales, up by E72m for the quarter to E489m, were a key feature in the recovery and in a 27.3% sales rise by BMS in Asia Pacific.

Polyurethane sales were up by 14.4% with MDI plants working at full capacity. Rising prices have led to some buying ahead of the initiatives, BMS warned.

Bayer’s statement this morning shows that spin-off company Lanxess also improved its results; the business generated an Ebit for the quarter of E20m, a E67m improvement over the same period of 2003.

In the first half of this year, Lanxess has made an Ebit of E90m compared with a E30m deficit in last year’s first half. Lanxess sales of engineering plastics were up by 27.3% to E424m on the back of higher styrenic resin volumes and prices.