Module manufacturer aleo solar has announced that its nine-month revenue for 2013 was €99.1 million (US$132.7 million) a fall of 55.5% compared to the same period last year.
The company said revenue decreased by 40% due to the downturn in the European PV market. The company noted that German PV installations totalled just 2.7GW the first three quarters for 2013 compared to 6.2GW in the same period last year.
As a result the company generated almost 60% of its revenue outside Germany.
Bosch, which owns 90.7% of aleo solar, announced it was exiting the solar sector in March. Talks to find a new investor at aleo are ongoing with one potential buyer pulling out in early October due to ongoing uncertainty in the European market.
Aleo also said it was considering selling off parts of the company.