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REC’s pre-tax profits more than doubled in 2008

Norwegian Renewable Energy Corporation (REC) ASA reported profits before tax of NOK4379 million for 2008, more than double of 2007.

The increase came as revenues rose 23% to NOK8191m. However, REC’s operating profit (EBIT) fell 2% to NOK2529m due to expansion costs and production ramp-up. A shortfall of polysilicon production also affected output across the value chain, REC said in its annual report.

The producer of silicon materials for photovoltaic (PV) applications and PV wafers, cells and modules, reported increased production across the board however:

  • Polysilicon: +8%
  • Wafers: +21%
  • Cells: +181%
  • Modules: 90%

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