BayWa H1 Earnings Rise, Says Optimistic About H2; Stock Up
(RTTNews) - BayWa AG (BYWG), a German operator in the agriculture, building materials and energy sectors, reported Wednesday that its first-half earnings before interest and tax or EBIT improved to 53.8 million euros from 52.2 million euros last year.
The positive development was driven by a significant increase in earnings in all operating segments.
Revenues were 8.2 billion euros, slightly lower than last year's 8.4 billion euros.
Looking ahead, BayWa Chief Executive Officer Klaus Josef Lutz said he is optimistic with regard to the second half of the year subject to the further development of the COVID-19 crisis.
Lutz said, "Overall, BayWa's business development is set to pick up significantly once again, particularly in the Energy Segment on account of the slated project sales."
In Germany, BayWa shares were trading at 27.80 euros, up 2.02 percent.
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