REC Solar has released preliminary financial results for the fourth quarter of 2013, indicating sales to be around US$182 million, compared to US$148 million in the third quarter of 2013.
The company noted that continued cost reductions and PV module sales volume growth led to an expected EBITDA of approximately US$21 million in its ‘module business’ segment and US$18 million on a consolidated group basis.
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Although the company did not reveal module shipment figures, REC Solar said that module production in the fourth quarter of 2013 had been 228MW.
Systems business to close
REC Solar also said that its European-based ‘systems’ business, which undertakes PV projects would not be part of its future business strategy.
The company noted that the Systems business revenue was around US$18 million but generated an EBITDA loss of US$3 million.
REC’s project development business realised 34MW of projects in 2012, compared to 66MW in 2011, according to financial filings. REC Systems was reported to have recognised revenue of NOK 441 million (US$70.5 million) and EBITDA of negative 12 million (US$1.9 million) in 2012.