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SolarWorld sees a 26% increase in Q1 group net earnings

SolarWorld has reported net earnings of €24 million in the first quarter (Q1) of 2009, up 26% from the same period in 2008.

The net earnings hike came as group sales rose 5% to €176 million. Earnings before interest and tax (EBIT) for the solar photovoltaic (PV) company amounted to €39 million – the same as for the comparable period in 2008.

SolarWorld says its Q1 results come as a result of balancing solar PV module price decreases with cost reduction and sales growth.

SolarWorld also highlights its sales campaigns for a ‘Rooftop Piggy Bank’ in Germany and ‘Do the Bright Thing’ in the USA, promoting PV systems as secure investments amid uncertain times.

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