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Conergy increases sales despite difficult market

Conergy has seen an 8.6% rise in sales in the first quarter of 2011 to €163.3 million despite difficult market conditions.

By Renewable Energy Focus staff

Foreign sales made up 75% of revenues.

Despite the increase in sales, EBIT fell into a loss of €18m, however, compared to an operating profit of €0.3m in the same quarter last year.

The net loss quadrupled to €20.7m.

“Despite the generally retrained start to the year in the sector, we still managed to increase our sales – particularly abroad,” says Chief Financial Officer of Conergy, Dr Sebastian Biedenkopf. “Our early entry into the international markets has helped us to weather the difficult market conditions in Germany.”

For the full year, Conergy still expects revenues to reach over €1 billion, but warns that the market is uncertain. EBITDA is expected to reach “mid-double-digit millions”, but no figures were offered due to market uncertainty.

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