Conergy posts first profit on increased sales

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Although financial restructuring efforts with its lenders are still ongoing, Conergy posted its first quarterly operating profit in several years. Conergy increased its sales by 165% to €150.3 million in the first quarter of 2010, up from €56.7 million in the same period a year ago. EBIT figures of €0.3 million meant the company returned to profit.

“Our sales are good and we are back in the black – that’s very pleasing,” said Conergy CEO Dieter Ammer. “What makes us particularly proud is that we were able to make headway with the Conergy solar power systems we manufacture ourselves in this quarter. These now make up an ever larger portion of our product portfolio – and they are enjoying high demand from our customers in all markets. By selling more and more of our own products, we were also able to improve our gross profit margin from 26 to 31%.”

Conergy reported that 50% of sales (€40.2 million) came from outside Germany in the quarter, including €24.3 million from the Asia-Pacific region.

Conergy expects renewed growth in sales in 2010 and 2011, with a greater role played by the company’s own products in projects.

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