BayWa’s renewables business made a loss of €5.1m before interest and tax in the first quarter of 2018, compared with EBIT of €21.3m in the same period last year.
The company said the figures were hit by delays in the construction of solar and wind projects, as well as it having a particularly strong first three months in 2017.
Renewables revenue grew 3.4% to €260.4m in the latest period, from €251.8m last year.
BayWa said it expects a “sharp increase” in renewables sales in the months ahead that will “make up” for the current decline in earnings.
Overall, BayWa revenue in the quarter was on a par with the same time last year – €3797m in 2018, compared with €3807m last year.
The company made a loss before interest and tax of €41m down from EBIT of €8m in the same period of 2017.
Image: BayWa
BayWa takes green hit
By EBS