German drugmaker Bayer posted a quarterly rise in underlying core earnings, beating estimates, due to growth at its plastics and chemicals business.

Bayer said yesterday earnings before interest, tax, depreciation and amortisation (EBITDA) before special items rose 11.6 per cent to €2.74 billion euros ($3.79 billion).

Analysts in a Reuters poll had on average expected adjusted EBITDA of €2.59 billion.

Shares in Bayer were indicated to open 2.2 per cent higher, while Germany’s blue-chip DAX index was seen up 0.4 per cent. Sales, up 2.8 per cent to €10.56 billion, missed consensus for €10.67 billion on negative currency effects.

The MaterialScience division posted a 79 per cent jump in adjusted core profit to €355 million, well above consensus for €258 million. – (Reuters)