Germany's Bayer says new products drive Q1 growth

German chemicals and pharmaceuticals giant Bayer, maker of Aspirin, said on Monday it turned in a better first quarter performance than expected thanks to healthy growth driven by new products, AFP reports.

The group based in the western town of Leverkusen said in a statement that bottom-line net profit grew by 23 percent to 1.42 billion euros ($1.96 billion) between January and March.

Analysts polled by Dow Jones Newswires had expected a just seven-percent rise.

Turnover climbed 2.8 percent to 10.6 billion euros during the same period.

"We are confident about our business development for the rest of the year and confirm our outlook for 2014," chief executive Marijn Dekkers said in a statement.

She cited the pharmaceutical products on the market for providing a boost.

The company said that it was counting on annual turnover of around 41 billion euros, up about two percent on the year.

Underlying or operating profit, as measured by earnings before interest, tax, depreciation and amortisation (ebitda), is expected to rise five percent.

Bayer said its first-quarter results had been powered by robust business for its healthcare and agrochemical divisions and an improvement in its material science division.