BayWa AG (BYWG: Quote) reported Thursday an increase in earning before interest and taxes or EBIT for full year 2011, helped by about 21 percent growth in revenues. The company is confident of the current year and plans to achieve profit in a similar dimension in 2012.
Klaus Josef Lutz, chief executive officer of the company stated, "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."
The German company which provides trade, logistics, and associated services of agricultural products, building materials, and energy products recorded an EBIT of 151.4 million euros from 128.9 million euros in the prior year. All three segments contributed to the success of the year 2011. Agriculture, Energy and Building Materials all exceeded their year-earlier EBIT, the company noted.
Consolidated revenues grew about 21 percent and reached around 9.6 billion euros. Agriculture segment, which is the driver of the outstanding overall result of the company, achieved revenues of 4.3 billion euros, up more than 21 percent from last year and EBIT climbed by around 22 percent to 78 million euros.
Further, the company noted that a proposal will be put to the annual general meeting of shareholders to pay a dividend of 60 cents per share, up 20 percent from 2010.
In Frankfurt's Xetra, BayWa shares are currently trading at 28.65 euros, down 0.61 percent, on a volume of 19 thousand shares.
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by RTT Staff Writer
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