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REC revenue almost doubled in Q4 2010

REC Group’s revenues hit NOK4874 million (€618.6m) in the fourth quarter (Q4) in 2010, up 92% from the same quarter in 2009 as sales increased.

By Renewable Energy Focus staff

Q4 EBIT reached NOK1134m (€143.9m) compared to a loss of NOK1121m (€142.3m) in Q4 2009. Net profit reached NOK783m (€99.4m) compared to a loss of NOK1048m (€133m).

REC says the revenue increase in Q4 is due to growth in polysilicon, wafer and module sales and the sale of accumulated off-spec products. Furthermore, Q4 average selling prices for polysilicon were up 9% and wafers were up 4%, whereas module prices decreased 3% compared to the third quarter.

The results were positively affected by a stronger than expected market and improved operational performance in REC Silicon.

Full year

For the full year, REC’s revenues increased 56% to NOK13.8 billion (€1.8bn). The EBIT reached NOK1018m (€129.2m) compared to a loss of NOK829m (€105.2m) in 2009, and the net profit came to NOK989m (€125.5m), up from a NOK2347m (€297.9m) loss the previous year.

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