PV Crystalox slips to loss in 2014
Mar 20, 2015 16:12 CET
March 20 – UK multicrystalline silicon wafer maker PV Crystalox Solar Plc (LON:PVCS) moved to a pre-tax loss from continuing operations of EUR 4.7 million (USD 5m) in 2014 and does not see its underlying business returning to profit in 2015.
The company reported a EUR-6.6-million profit in 2013.
Announcing preliminary 2014 figures on Thursday, the company said that the pressure on pricing was expected to continue in 2015 and that it would be “imperative during the forthcoming period to establish definitively whether the Group can achieve a cost structure which is compatible with market pricing.”
The 2014 loss attributable to equity holders of EUR 4.7 million, or EUR 0.03 per share, compares to a profit of EUR 3.6 million, or EUR 0.01 per share, in the previous year.
Revenue fell 25% to EUR 53.3 million due mainly to lower trading of surplus polysilicon feedstock from long-term purchase contracts. Wafer shipments of 212 MW were in line with the previous year.
PV Crystalox continues to operate in cash conservation mode and does not expect to raise output in 2015 with production to be restricted to some 30% of its 750-MW capacity. Net cash at the year end was EUR 24.6 million, down from EUR 39.2 million at the end of 2013.
(EUR 1.0 = USD 1.069)
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