MUNICH (dpa-AFX) - The Munich-based conglomerate Baywa remains deep in the red after the loss-making year 2023. In the first quarter, the company posted a net loss of 108 million euros - compared to a profit of 10 million euros a year earlier. Earnings before interest and taxes (EBIT) fell even more sharply, dropping from plus 91.8 to minus 61.3 million euros, as the company announced in Munich on Wednesday.

Sales shrank by 17 percent to just under 5.2 billion euros. The first quarter is traditionally weak for Baywa, but there have been no losses at the beginning of the year in recent years.

For decades, Baywa earned its money mainly by supplying farmers with seed, fertilizer and agricultural machinery. In the meantime, it has built up the construction and project planning of green power plants as a major business segment.

However, this is not going well at the moment: the division's turnover slumped by almost 40 percent from 1.5 billion to 904 million euros compared to the first quarter of 2023, while the operating result was down 65 million euros. The company blamed weak demand and falling prices for solar modules.

The traditional agricultural business, on the other hand, suffered less; the division was still in the black with an operating profit of 18 million euros.

The Management Board explained the poor start to the year as "typical for the season". Group CEO Marcus Pollinger emphasized that he is very confident about the rest of the year./cho/DP/stk