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Q-Cells returns to profit in Q2 2010

Q-Cells reports a net result of €34.7 million in the second quarter (Q2) 2010, compared to a loss of €322.8m in the same quarter last year.

EBIT also returned to profit reaching €27.1m compared to a loss of €65.5m in 2009.

The positive results came as revenues soared 143.6% to €333.5m.

Cen continues as CEO

Q-Cells has also said its interim CEO, Nedim Cen, will continue for a five year term starting in September. Cen was Managing Director at restructuring advisor Alvarez & Marsal (A&M) and was appointed CFO in June 2009 before becoming interim CEO in March this year.

Restructuring near conclusion

In June 2010, Q-Cells added crystalline modules and systems business with large power plants and medium-sized solar photovoltaic (PV) systems for commercial and industrial applications as part of its restructuring efforts.

Cen, says: “We have successfully largely concluded our restructuring. Yet we will continue to systematically improve cost structures as we move forwards. In the strategic transformation of the company we are concentrating on our strengths: the production of solar cells and modules, as well as the planning and creation of photovoltaic systems of various sizes.

“At the same time, we will have to further increase productivity and push ahead with the internationalisation of our business.”

Outlook

For 2010 Q-Cells has raised its total sales forecast from €1.1-1.2 billion, to €1.1-1.3bn, and the company expects a positive EBIT.

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity

 

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