German drug and chemical company Bayer AG said Tuesday its net income fell 10 percent in the 3rd quarter as the company's business was hampered by the global downturn.
Bayer, based in Leverkusen, said net profit fell to ⁈llion ($374 million) in the July-September period, compared with ⁈llion in the third quarter of 2008.
Sales for the period were also 7 percent lower at ⁈llion compared with ⁈ion in the third quarter of 2008.
"Our previous prediction has proven justified: the global economy seems to have passed the bottom of the cycle," Werner Wenning, Bayer's chief executive said in the company's report.
"We expect this trend to continue through the end of the year." However, he said it is still too early to speak of a self-sustaining upswing in industry.