Drug and chemical maker Bayer AG said Tuesday third-quarter profit nearly quadrupled, pulled higher by a massive tax gain.
The Leverkusen-based company, famed for its invention of Aspirin, earned EUR1.18 billion (US$1.71 billion) in the July-September period, up from EUR320 million a year earlier.
The result was boosted higher by a EUR911 million (US$1.3 billion) tax gain the company posted from the recalculation of deferred taxes.
Sales in the third quarter rose 4.5 percent to EUR7.79 billion (US$11.3 billion).
A key indicator of the company's future fiscal health, earnings pretax profit rose to EUR1.56 billion (US$2.26 billion) from EUR1.46 billion in the same period a year ago.
Looking ahead, the company lifted its sales outlook for 2007, saying it hopes to post sales of more than EUR32 billion (US$46.36 billion) for the year, an increase of about 6 percent. That is higher than the 5 percent the company had detailed before.
The head of the Russian Finance Ministry, Anton Siluanov, said that the Americans would suffer additional losses if they impose sanctions on Russia's public debt