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REC’s Q3 2010 net loss narrows 11%

REC ASA’s net loss from total operations in the third quarter (Q3) 2010 narrowed 11% to NOK896 million as revenues soared 83% to NOK3783m.

REC says revenues were positively impacted by strong growth in sales across the group and stable selling prices. The EBIT more than tripled to NOK155m.

Outlook 2010

REC did not provide a detailed outlook for the full year, but said it “expects its asset utilisation to increase and operational performance to improve in the fourth quarter 2010.”

REC also expects a positive market in the last quarter of 2010 with average selling prices in line with those of Q3.

Revenues by segment:

(Please note the total is above total Q3 revenues as these were affected by eliminations within the group.)

  • REC Silicon: NOK1421m, +52%
  • REC Wafer: NOK2080m, +80%
  • REC Solar: NOK1787m, +240%

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