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Q-Cells loss narrows further in Q3 2010 – ups FY forecast

Q-Cells’ net loss has narrowed from €227 million in the third quarter (Q3) of 2009, to €20m in Q3 2010, as the restructuring efforts take effect.

The result from continuing operations are back in black at €13.3m, compared to a loss of €113.7m last year. The EBIT is also in black at €37m compared to a previous loss of €105m.

The improvement in results came as sales more than doubled to €402m. Total production volume of solar cells and thin-film solar modules increased over 150% to 305 MWp.

CEO Nedim Cen, says: “The restructuring measures continue to deliver results. However, tight cost control and management of investments and the liquidity position will stay in the focus going forward.”

Part of the restructuring has seen the Malaysian manufacturing plant being ramped up to 600 MWp, and has now taken over as the major production facility from Q-Cells’ German facilities.

Boosted by new products

“The new product portfolio launch, including crystalline solar modules and systems has contributed to a higher and more stable margin profile. It is expected that Q-Cells can significantly widen its footprint in a broader segment of the photovoltaic market with a revamped sales organisation and the evolution to a customer focused company,” the German solar company says.

Nedim adds: “With the restructuring and refinancing completed our main focus now has to be on securing competitiveness, driving the internationalisation of the business, and establishing Q-Cells firmly as a photovoltaic solution provider.”

Raises 2010 forecast but tough 2011

In light of its improved position, Q-Cells is raising its sales forecast to over €1.3 billion for the full year, compared to the previous estimate of €1.2-1.3bn. The EBIT is expected to reach €75-80m.

For 2011, however, Q-Cells says it “expects a more challenging market environment.”

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