German Centrotherm Photovoltaics slips into Q1 operating loss

May 4, 2012 - German Centrotherm Photovoltaics AG (ETR:CTN) swung today to a first-quarter loss before interest and tax of EUR 42.9 million (USD 56.4m) from a profit of EUR 17.7 million a year ago, on the back of the continuing crisis within the solar market.

The photovoltaic (PV) equipment maker said the market situation remained tense and that it did not expect significant improvement in the first half of 2012.

Revenue from January through March 2012 more than halved to EUR 82.5 million from EUR 189.3 million in the year-ago period.

Despite the difficult environment, new orders increased to EUR 255.4 million from with EUR 224.3 million, boosted by a EUR-227.1-million order awarded by Algerian state-owned gas and electricity operator Sonelgaz.

The order book amounted to EUR 508.2 million as of March 31, 2012 against EUR 423 million at the end of December 2011.

The company added that it was pressing ahead with the implementation of its restructuring programme aimed at securing earnings and liquidity.

(EUR 1.0 = USD 1.314)

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