German pharmaceutical and chemical company Merck KGaA said Monday that its first-quarter net profit dropped by 76 percent as demand for chemicals declined due to the world economic slump.
Darmstadt-based Merck said net profit for the January-March quarter fell to euro57 million ($75 million) from euro239 million a year earlier.
Sales in the first quarter were stable at euro1.9 billion.
"This year will be a challenge for Merck, but I am happy to say that our pharmaceuticals business remains strong," chief executive Karl-Ludwig Kley said.
Liquid crystals, used in products including television and computer screens, were a weak …
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