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Weaker demand in the first quarter of 2009, coupled to over-supply of modules in key markets has forced CENTROSOLAR Group AG to write-off its remaining 2008 PV module and materials inventory. CENTROSOLAR's gross profit was pushed down by one-off factors from €14.6 million in the previous year to €6.7 million.

However, the company said it was not locked into long-term supply deals so would now be able to obtain modules at competitive prices. Module prices have declined by as much as 20% in 2009, with quality branded modules declining by approximately 10% so far this year.

CENTROSOLAR saw sales rise in France, Switzerland, Belgium and the U.S. as it expanded its sales network throughout Europe and the USA. Revenue reached €61.7 million, just 7 % down on the prior-year figure of €66.4 million.

The company also noted that it was undertaking in-depth talks with potential successors to Qimonda Solar GmbH as the joint venture partner for the Itarion solar cell plant were ongoing. A final outcome to the talks is expected in the course of the second quarter.