MUNICH (dpa-AFX) - The agricultural trader Baywa was in the red last year. The bottom line for 2023 was a loss of 93.4 million euros, as the company announced in Munich on Thursday. A year earlier, Baywa had still made a profit of 239.5 million euros. Higher interest rates in particular weighed on the result. Baywa had already announced the suspension of the dividend in mid-March. Earnings before interest and taxes (EBIT) fell from 504 to 304 million euros, falling short of the target of 320 to 370 million euros.

Group CEO Marcus Pollinger sees the current year as a year of "consolidation". He wants to bring Baywa back into the "profit corridor". The company also postponed its medium-term targets by one year. The management team led by CEO Pollinger does not expect to achieve an operating result of between 470 and 520 million euros until the end of 2026./nas/jha/