Phoenix Solar announces first quarterly profit since 2010

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German photovoltaic (PV) systems integrator Phoenix Solar has announced the company’s financial results for the first nine months of this year, in which the group reported its first quarterly profit since 2010. 

Phoenix also confirmed its forecast for 2013, expecting an operating loss of between 7 million (US$9.5 million) and 2 million (US$2.7 million). According to the company this figure is a “considerable reduction” compared to 2012, when operating loss (EBIT) stood at 32 million (US$43.3 million).

The company reported a post-tax loss for the first nine months of the year attributable to parent company shareholders of -7.4 million (US$10 million) compared to a loss of 22.3 million (US$30.2 million) for the same period of 2012.

The Q1 to Q3 2013 results demonstrated a 7.3% decline in consolidated revenue, at 116 million (US$157 million), compared to 125.1 million (US$169 million) in Q1 to Q3 of 2012. However, revenue for the third quarter of the year totalled 47.6 million (US$63.4 million), representing a 6.8 million (US$9.2 million), or 16.7% increase compared to the same period of 2012 when it was 40.8 million (US$55.2 million).

The company admitted restructuring that it underwent earlier this year had placed a burden on financial results.

Restructuring included the discontinuation of Phoenix Solar’s German trading and project business, and a “strategic orientation” onto USA and Asian markets which meant that only 14% of revenues were attributable to business in Germany with the remainder in foreign markets. In the previous year around 25% of revenue had come from its business in Germany.

The company also announced that the restructuring process had resulted in cost reductions of around 3.5 million (US$4.7 million) in the third quarter compared to 2012.

A statement accompanying the results on 7 November said that both “revenue and earnings lay within the range of expectations” for the first nine months of the year.

Chief executive officer Dr Bernd Köhler said: “We still have a long way to go on our path out of the severe crisis – which we have meanwhile successfully overcome – to reach the sustainably predictable and profitable growth that we are working towards. Our strategy is nevertheless now showing clear signs of success.”

The company predicted growth of between 5% and 9% for the 2014 financial year. It will apparently continue to target growth in the USA and Asia markets as well as “restabilising” business in Europe excluding Germany for the rest of 2013. A section in the Phoenix Solar Interim Report Q3 2013 titled ‘Anticipated Development of Revenues and Earnings’ forecast strongest growth in the USA in 2013 and 2014. The company expects to install between 45MWp and 55MWp during 2013. The company also plans to sell between 35MWp and 45MWp in Asia during this year.

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