CORRECTED - Meyer Burger's sales plunge by 47% Y/Y in H1 2012

July 25, 2012 - Swiss solar technology company Meyer Burger (SWF:MBTN) today posted preliminary first-half sales of CHF 307 million (USD 310m/EUR 255m), marking a 47% drop as the solar sector crisis took its toll.

Meyer Burger said it was grappling with overcapacities and weak customer demand. Order intake fell to some CHF 130 million from CHF 787.6 million a year earlier. The order backlog at the end of June 2012 stood at around CHF 670 million.

The company expects CHF 3 million - 5 million in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first half of 2012 compared with CHF 154.9 million made a year earlier as a result of its restructuring measures.

Meyer Berger also confirmed the annual target for a revenue of between CHF 600 million-800 million and an EBITDA margin of 4-8% despite the tough market situation.

The figures were below analysts forecasts and the share dropped by 8% at the start of the trading day.

Choose your newsletter by Renewables Now. Join for free!