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REC goes from loss to profit in Q2 2010

REC Group has reported a net profit of NOK757 million in the second quarter (Q2) of 2010, compared to a loss of NOK684m in the same period in 2009.

Net profit from continuing operations amounted to NOK598m (NOK-658m).

The turn from red to black came as REC Group saw a 21% increase in revenues to NOK2758m.

REC says it saw strong demand across all product areas in Q2, and that “REC believes the strong demand reflects a more stable economic environment, more normal credit markets, and continued attractive returns on investment in PV systems.”

Outlook

REC does not give specifics, but says EBITDA is expected to continue to increase in Q3 and Q4.

Revenues by segment:

  • REC Silicon: NOK1159m, +25%
  • REF Wafer: NOK1714m, +12%
  • REC Solar: NOK1016m, +138%

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