EINBECK (dpa-AFX) - KWS Saat slipped deeper into the red in the first half of the fiscal year 2023/24. The seed producer had to struggle enormously with negative currency effects. In addition, the corn segment weakened, partly due to weather conditions, but also because of the planned withdrawal from the sale of soybean seed in Brazil. In addition, there was a decline in US business in this segment, the seed manufacturer announced in Einbeck on Thursday. Even with significant growth in the cereals and sugar beet segments, this weak development could no longer be cushioned.

Group-wide sales in the first six months to the end of December fell by eight percent year-on-year to just under 519 million euros. Earnings before interest and taxes (EBIT) amounted to minus 96.4 million euros, compared to minus 71.9 million a year ago. At the bottom line, the loss increased to just under 109 million euros, also due to higher taxes, compared with minus 79.5 million euros in the previous year. The first half of the year is usually weak at KWS Saat for seasonal reasons. The Executive Board is therefore sticking to its previous forecasts for the year./tav/stk