German agricultural and renewable energy company BayWa AG (DE: BYW) registered an 18.4% increase in EBIT to €8.6 million (US$9.6 million) in the first half of 2016.

While energy and building materials make up an important part of the group's revenues, BayWa said its fruit segment was a good performer in the half.

"Despite a challenging market environment with low producer prices and a corresponding reluctance among farmers to buy operating resources and, as expected, agricultural equipment in particular, the segment fared well, especially in the second quarter," the company said.

"This was due first and foremost to T&G Global’s successful fruit business in New Zealand and the newly acquired Dutch supplier of tropical fruits TFC Holland. The business unit also benefited from the sale of the packaging logistics unit in New Zealand.

"In the fruit business, the fruit harvest so far promises good marketing opportunities for apples from New Zealand. Because there is reason to expect improved marketing opportunities in the export of high-quality wheat, for example, a high point in produce trade is anticipated for agricultural trade activities in the second half of the year, which is typical of the business."

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