Centrosolar keeps to revised guidance as Italian and other EU markets improve

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Having previously revised downwards its 2011 revenue guidance, Centrosolar remains positive that it will achieve full-year revenue target of €330 to €380 million with a positive operating result. As international sales as a percentage of sales increased from 49% to 63% in the first-half of the year, the company noted a pick-up in demand for rooftop installations in Italy, UK, Belgium and the USA.

Inline with preliminary results, issued in mid-July, Centrosolar posted revenue of €150.5 million, compared with the prior year period of €209.2 million. The very weak demand seen in the second quarter showed on the results as sales were €79.3 million, compared to €124.2 million in same period of 2010.

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Falling prices combined with the costs of expansion in North America and costs of expanding its mounting systems product range, led to a first-half operating loss of €4.9 million, compared with a positive €21.1 million in the first half of 2010. EBIT loss for the second quarter was €5.2 million compared with a positive €12.9 million in the previous year.

Falling cell prices were said to have a positive impact on earnings due to its flexible cell purchasing strategy, while compliance with EU content rules in Italy have led to increased interest in its modules.

 

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