Restructuring costs Bayer €1.203bn
German pharmaceutical giant Bayer has posted a 2003 operating loss of €1.203bn - worse than analyst expectations - but the group said it is aiming for an earnings growth for 2004.
Sales dropped 3.6% on last year to €28.567bn, as Bayer restructures shedding most of its chemicals businesses.
Bayer said it hopes to improve this year's operating results (before depreciation and amortisation) and its operating result before special items, by over 10% this year.
The group's net loss is €1.36 for 2003, which it attributes mainly to impairment and valuation costs directly connected to its restructure.
Bayer intends to float chemical subgroup Lanxess, formed in part from Bayer MaterialScience, on the stock market early next year.
The company's operations have been affected by a strong currency, weak demand, and high costs of raw materials.
Bayer operates in the US through Bayer Corporation.
