Bayer 4th-quarter profit hit by weak plastics business

LEVERKUSEN, Germany - The German chemicals and drugs maker Bayer AG posted a 9 percent drop in fourth-quarter profit as price rises failed to offset soaring oil-derived raw materials costs at its plastics division.

Bayer's MaterialScience unit, the world's top maker of foam chemicals and transparent plastics for car lights and sports goggles, reported a 64 percent slump in adjusted earnings.

The result on Tuesday was in sharp contrast to rival BASF SE, which surprised investors with its bullish outlook last week.