Baywa's renewables revenue soars 80% in Jan-Sep 2012
Nov 12, 2012 - German industrial and agricultural goods retailer Baywa AG (ETR:BYW6) on Monday reported an 80% year-on-year surge in sales at its renewable energy unit to EUR 300.7 million (USD 382.3m) in the nine months to end-September.
The segment includes operations in solar and wind power as well as in biogas. In the first nine months of 2012, earnings before interest and tax (EBIT) at the business jumped to EUR 19.2 million from EUR 8.6 million in the same period last year.
In Germany, the company benefited from strong demand for big photovoltaic (PV) systems in the first half of the year ahead of the reduction in government solar power subsidies, while in the third quarter PV trade eased slightly. Meanwhile, solar modules demand in the US remained strong.
In the third quarter of 2012, the renewables segment made up almost 77% of revenues in Baywa's energy segment, which saw revenues rise to EUR 2.7 billion from EUR 2.1 billion previously and EBIT leap to EUR 25 million from EUR 14.1 million a year ago.