Germanys BayWa AG has posted significant EBIT growth for the third quarter of the year, predicated on a strong showing for the firms renewable energy division, BayWa r.e.
According to Q3 results published today, BayWa r.e. saw its EBIT rise year-over-year to 75.3 million, up from 74.5 million over the same period in 2014. Revenue was marginally short of the previous years performance reaching 11.1 billion for the first nine months of the year, down from 11.4 billion in 2014 but positive developments characterized the companys clean energy ventures.
Revenues and EBIT for BayWa r.e.s renewable efforts came in at 580.9 million and 25.6 million respectively, over the first nine months of the year. The EBIT increase was 25.3% despite a decline in solar PV trading in Europe.
Wind power projects in the U.S. accounted for the lions share of the firms robust renewable performance, the company said. However, six major solar and wind projects, with a combined capacity of 114.5 MW, were successfully sold in Q3 alone.
"We are only able to post these results after the first nine months of the year thanks to the good results in international grain trading and the outstanding development in Europe and U.S. renewable energies project development business," said BayWa AG CEO Josef Lutz.