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Solar cell manufacturer Q-Cells’ Q1 EBIT plummets 75%

Solar cell manufacturer Q-Cells saw a 75% fall in first quarter (Q1) operating profit (EBIT) to €14.7 million as uncertainty over the financing of solar photovoltaic (PV) system hit.

The fall came alongside a 17% drop in Q-Cells Q1 sales to €224.8 million. Solar cell production, however, rose 32% to 154.4 MWp with crystalline solar cells contributing 150.8 MWp and thin-film 3.6 MWp.

Q-Cells has adjusted its outlook for 2009 due to the uncertain market environment, and says it now expects a production volume of 600-800 MWp compared to the previously announced 800-1000 MWp. Expected group revenues have been reduced from €1.7-2.1 billion to €1.3-1.6bn.

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