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SolarWorld’s net profit up 13% in Q3 2010

SolarWorld AG has reported a net profit of €18.1 million in the third quarter (Q3) 2010, up 13% on the same period last year.

The increase came as shipments of solar wafers and solar modules reached 191 MW, up 53% on Q3 2009, and revenues soared by 44.6% to €337.4m. The growth in revenue was largely due to a strong German market.

The solar company’s EBIT stood at €51.4m, up 41.9%.

Dr. Ing. E.h. Frank Asbeck, Chairman and CEO, says: “We have successfully used the growth in the international solar markets to strengthen our market positioning as a high quality manufacturer and to increase our shipments.

“Our production capacities were fully utilised in the past 9 months, which is why we continue to expand them. SolarWorld is prepared for the future.”

Mass production at SolarWorld’s new solar module manufacturing facility, SolarFactory III, in Freiburg, Germany is scheduled to start ramping up in the first half of 2011.

The company’s Hilsboro site in the USA has already produced its first solar modules and is now entering the ramp up phase.

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