Solar systems firm, Centrosolar Group has posted record results for its third quarter financial results, which the company attributed to its focus on integrated PV rooftop installations and shift away from the large-scale low margin ground mounted market. Centrosolar posted €7.4 million (EBIT) in the quarter, 45% above its previously best quarterly results in the same quarter a year-ago, which was then driven by the Spanish market demand.
Centrosolar expects consolidated revenue of €280 to €290 million for the year, down from €330 million generated in 2008. However, the company has returned to profitability and margins have increased. Module sales are expected to be in the region of 85MW, up from 70MW in 2008.
The company also noted that it expects further declines in solar cell prices, which will translate to better margins on its modules, especially since it is not locked-in to long-term supply contracts.
Although Centrosolar said it production at its highly-automated module plant in Wismar, Germany was almost sold-out for the rest of the year, it would not be adding capacity or buying in modules for its distribution base.