MUNICH (dpa-AFX) - BayWa AG (BYWG) announced the company plans to significantly increase earnings in the agricultural sector in 2017, thereby also raising Group EBIT. The Group also expects renewable energies and fruit EBIT to be strong in 2017. BayWa expects a further rise in global agricultural trade sales volumes.
For financial year 2016, the Group increased revenues by 3% to 15.4 billion euros. The Group said, although fruit trading and the energy business both generated a record annual result, the persistently difficult and very volatile agricultural trading markets pushed its overall earnings before interest and tax (EBIT) to 144.7 million euros from 158.1 million euros, prior year.
'The international fruit business and renewable energies were key to driving our Group EBIT. Optimisation measures were also introduced in the Building Materials Segment and had a positive impact on earnings,' Klaus Josef Lutz, CEO of BayWa said.
Copyright RTT News/dpa-AFX