The sale of the largest solar plant in Germany pushed quarterly sales at Conergy to €275.3 million for the third quarter, up from €138.8 million in the previous quarter. Conergy also saw gross profit double from €32.7 million to €64.1 million. The company also reported sales for the first nine months of 2010 of €664.9 million, compared to €356.4 million in the same period a year ago.
However a new review of its financial position concluded that Conergy debt-to-equity ratio remained too high and deemed a restructuring of its balance sheet was required. Outstanding loans could be recalled before year-end without restructuring the loans with banks, which include Commerzbank.
As product demand proved strong, Conergy was able to increase its own production of its PowerPlus modules from 31% to 56% during the first nine months of the year. The company was also able to increase the share of products that it produced itself from 59% to 71%, including more inverters.
Despite the big boost to revenue in the quarter coming form Germany, Conergy noted that strong sales in Europe, especially in Greece, Italy and France contributed to revenue generation.
Stronger sales for these components enabled gross profit to rise from €65.8 million to €170.0 million, representing a 158% increase.