Despite specific solar project completion problems due to the severe winter, systems integrator and project developer S.A.G. Solarstrom increased sales more than threefold to €31.3 million, compared to the same period a year ago. First-quarter 2010 EBIT was €1.6 million, up from a negative €0.3 million in the first quarter of 2009. Strong demand in its core market of Germany was the result of the pull-in of projects caused by the feed-in tariff cuts scheduled for July 1.
“The S.A.G. Solarstrom Group has achieved this very positive result in the first quarter despite a highly challenging market environment,” noted Karl Kuhlmann, CEO of S.A.G. Solarstrom. “The long and hard winter delayed implementation of projects up to March 2010. Our project pipeline is well stocked, and we are thus well on schedule with our forecast for 2010, with sales of between €190 and €210 million and an EBIT of between €8 and €11 million.”
Solarstrom said its partner sales increased from €3.2 million to €16.5 million in sales, compared to the same period a year ago resulting in a profit of €0.9 million.
Its plant operations and services division saw sales increase from €1.8 million to €3.4 million, while EBIT increased from €203,000 to €445,000.