Germany's BayWa reports $676 mln net loss for first nine months of 2024 (updated)

Baywa AG

14/11/2024 07:14

(Recasts paragraph 1, adds context in paragraphs 3-5, outlook
in paragraph 6)
       Nov 14 (Reuters) - BayWa  BYWGnx.DE  reported on
Thursday a net loss of more than half a billion euros for the
first nine months of the year, hurt by impairment losses as the
German agricultural group restructures its business.
    The Munich-based firm posted a consolidated net loss of
640.8 million euros ($676.11 million), compared with a net loss
of 17.1 million euros a year earlier.
    The trader of farming supplies and produce has been
grappling with rising borrowing costs. In July, it suspended its
annual profit forecast, citing restructuring plans.
    BayWa concluded the first draft of its restructuring plan in
September, which could include cost cuts and asset sales, and
said it would continue talks with creditors and shareholders.
    It reported in September non-cash impairment losses of 222.2
million euros for the first half of the year, more than half of
which was attributable to its renewable energy unit.
    The company did not provide an outlook for 2024, but said it
expected the final restructuring report in December.
    Revenue came in at 16.02 billion euros for the first nine
months of the year, below last year's 18.19 billion euros.

($1 = 0.9478 euros)

 (Reporting by Tristan Veyet in Gdansk, Editing by Subhranshu
Sahu)
 ((Tristan.Chabba@thomsonreuters.com;))