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Phoenix Solar turns loss to profit in Q1

Phoenix Solar AG has gone from a consolidated loss of €5.98 million in Q1 2009 to a profit of €2.8m in the first quarter of 2010.

The turn-around came as revenues jumped 118.5% to €80.4m and the EBIT went from a loss of €7.44 to a profit of €4.62m. The revenues were dominated by strong demand in the Components & Systems segment.

Over 90% of Phoenix Solar’s revenues were in the German market. The solar company predicts this to shift towards the international markets in the second half of 2010, and that by 2013, 65% of revenues will come from international markets.

Dr Andreas Hänel, CEO of Phoenix Solar, says: “In terms of its sales and earnings, Phoenix Solar AG can report on the best quarter in the history of the company.”

He adds: “We anticipate strong growth in revenues this year, a considerable improvement in our earnings situation and a significant increase in revenues generated by international business. As soon as the legislative process of amending the EEG has run its course, we will be able to give a reliable estimate on the development of the company in 2010.”

Outlook

Phoenix Solar believes the solar market will grow “swiftly” in the years ahead with a global market growth for 2010 of 8-9 GWp.

Due to the uncertainties around the amendments under discussion for the German Renewable Energies Act, Phoenix Solar says it cannot give specific guidance for 2010, although the Board says it anticipates “strong growth in revenues in 2010.”

Furthermore, it expects “a considerable improvement in the earnings situation and a significant increase in revenues generated by international business.”

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