German Aleo Solar turns to net loss in 9-mo 2012

(SeeNews) – Nov 14, 2012 – German photovoltaic (PV) technology producer Aleo Solar (ETR:AS1) today reported a net loss of EUR 63.6 million (USD 81m) for the first nine months of 2012 after a profit of EUR 4.8 million in the same period last year.

The significant loss was due to the weak demand and falling prices on the solar market, Aleo Solar's performance was also hit by one-time effects, such as the closure of the company’s plant in Spain, the termination of its joint venture Avim Solar and the expenses resulting from the concentration of its production in the Prenzlau plant in Germany.

The company also registered a loss before interest and taxes (LBIT) of EUR 51.5 million for the January-September period of 2012, down from a profit of EUR 7.4 million a year earlier.

Aleo Solar reported a EUR 4.88 loss per share for the first nine months of 2012, as compared to earnings per share of EUR 0.37 in the in the first three quarters of 2011.

The company’s sales decreased by 35.4% year-on-year to EUR 222.4 million, even though the production output rose to 258.2MW from 246.2 MW last year.

Based on the weak results and as already announced in October, Aleo expects its net net loss to widen in 2012 and projects a significant annual drop in sales to around EUR 280 million from EUR 462 million in 2011.

(EUR 1.00 = USD 1.27)

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