Nov 14 (Reuters) - BayWa (BYWGnx.DE) , opens new tab reported on Thursday a net loss of more than half a billion euros for the first nine months of the year, hurt by impairment losses as the German agricultural group restructures its business.

The Munich-based firm posted a consolidated net loss of 640.8 million euros ($676.11 million), compared with a net loss of 17.1 million euros a year earlier.

The trader of farming supplies and produce has been grappling with rising borrowing costs. In July, it suspended its annual profit forecast, citing restructuring plans.

BayWa concluded the first draft of its restructuring plan in September, which could include cost cuts and asset sales, and said it would continue talks with creditors and shareholders.

It reported in September non-cash impairment losses of 222.2 million euros for the first half of the year, more than half of which was attributable to its renewable energy unit.

The company did not provide an outlook for 2024, but said it expected the final restructuring report in December.

Revenue came in at 16.02 billion euros for the first nine months of the year, below last year's 18.19 billion euros.

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https://www.reuters.com/markets/commodities/baywa-reports-fall-nine-month-revenue-2024-11-14/