German agricultural and wholesale corporation BayWa has reported a 17.5 per cent increase in full-year earnings before interest and taxes to €151.4m, from €128.9m in 2010.
According to the group, which recently completed a takeover of a majority share in New Zealand fresh produce exporter Turners & Growers, all three of its major business areas – agriculture, building materials and energy – contributed to the improvement and a 21 per cent rise in annual revenues to €9.6bn.
'Although it is difficult to assess how the eurozone debt crisis will impact the economy, from today's standpoint, we assume that the development of all our business units will remain stable,' commented Klaus Josef Lutz, BayWa chief executive.
The group's agriculture division was apparently instrumental in the group's commercial progress during 2011, also achieving a 21 per cent increase in sales to €4.3bn and a 22 per cent rise in earnings before interest and taxes to €78m.
