US agriculture giant Monsanto saw its losses narrow in its first financial results since it agreed to a takeover offer from German pharmaceutical company Bayer, the US firm said Wednesday.
Quarterly net losses stood at 191 million dollars, down from 495 million dollars in the year-earlier period, while revenue rose 9 per cent to 2.6 billion dollars in the three-month period ending in August, according to Monsanto, which is known for pioneering the commercialization of genetically modified organisms (GMOs).
The quarterly figures, which concluded before the Monsanto-Bayer agreement, were better than analysts had expected amid weak business in the agricultural sector.
For the year, net income fell 42 per cent to 1.3 billion dollars, while sales fell 10 per cent to 13.5 billion dollars.
Last month, Bayer and Monsanto agreed to a 66-billion-dollar takeover bid after months of negotiations. Monsanto shareholders and regulators must still approve the deal that would create the world's largest seed and pesticide company.