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Conergy continues recovery in Q3 2010

Conergy is continuing its recovery in the third quarter (Q3) 2010 with its net loss narrowing 82% to €5.1 million.

The net loss from continuing operations was reduced by three quarters to €4.3m. The EBIT returned to black from a loss of €11.7m in Q3 2009, to €1m in Q3 2010.

The improvements came as sales almost doubled to €275.3m. Sales were boosted by the sale of a large solar plant in Germany using Conergy solar technology. Furthermore, sales were spurred by a strong market in Germany and the rest of Europe.

The results were dampened, however, by currency losses which totalled €7.6m as a result of the weak US Dollar, Conergy says.

Outlook

After the fall in sales in 2009 and the following restructuring, sales are expected to rise again in 2010 and 2011.

“The intensified use of products manufactured in-house should have a positive impact on the gross profit margin in 2010 and generate an above-average increase in earnings,” Conergy says. “Moreover, the effect of the cost reduction programmes that were put in place in 2009 will continue to unfold in the coming years and thus also contribute to an improvement in earnings.”

The 2010 EBITDA is expected to be around €30-40m, and in anticipation of continued market growth, Conergy says earnings in 2011 “should also improve further.”

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