Germany: BayWa fruit revenue rises 167% in H1

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Germany: BayWa fruit revenue rises 167% in H1

German company BayWa AG's fruit division has recorded a 167% year-on-year revenue rise to €202.3 million (US$246 million), bolstered by the acquisition of New Zealand business Turners & Growers.

Earnings before income taxes (EBIT) were more than five times higher in the period at €10.5 million (US$12.8 million).

"The fruit business result rose through the contribution of New Zealand's participation in many ways," the company said in its quarterly report.

The report highlighted that while Germany's record crop last year put margins under pressure, New Zealand was able to sell its fruit at good prices.

"The summer/fall fruit harvest in Germany is expected to be rather average once again, meaning that sales margins will probably increase," the report said.

During a presentation of the figures, BayWa chairman Klaus Josef Lutz said the company was confident Turners & Growers had positive development ahead and would benefit from growth in the Asian market, website reported.

"The half-year results clearly exceeded our expectations," he was quoted as saying.

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