Phoenix Solar’s net loss narrows slightly in H1 2015

Aug 6, 2015 20:15 CEST by Plamena Tisheva

August 6 – German photovoltaic (PV) system integrator Phoenix Solar AG (ETR:PS4) on Thursday reported an attributable net loss of EUR 6.3 million (USD 6.9m) for the first half of 2015, a slight improvement on the EUR-6.4-million loss a year ago.

In spite of a jump in revenues, earnings before interest and tax (EBIT) deteriorated to a loss of EUR 4.6 million from a loss of EUR 3.3 million in the first half of 2014.

Revenues more than trippled to EUR 39.8 million from EUR 12.1 million, driven mainly by the company’s business in the US. Growth was concentrated in the second quarter, when revenues surged to EUR 34.8 million from EUR 5.5 million a year earlier.

In the first half, revenues at the company’s Components & Systems segment dropped to EUR 2.9 million from EUR 8.1 million. Turnover at the Power Plants business, however, jumped to EUR 36.8 million from EUR 3.9 million, reflecting the start of construction work on several power plant projects in the US but also in Asia, Phoenix Solar said.

The company confirmed its annual forecast for revenues of between EUR 140 and EUR 160 million and a return to profit at an EBIT level of EUR 1 million to EUR 3 million.

(EUR 1.0 = USD 1.092)

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