German Colexon narrows Jan-Sep 2012 net loss to EUR 300,000

(SeeNews) – Nov 16, 2012 - German photovoltaic (PV) technology group Colexon Energy AG (ETR:HRP) managed to reduce its net loss for the first nine months of 2012 to EUR 300,000 (USD 381,831) from EUR 8.8 million a year earlier thanks to the consolidation of its business.

At EUR 3.2 million, Colexon reported positive earnings before interest and tax (EBIT) for the first time in seven quarters. A year earlier, the firm booked a loss before of interest and tax of EUR 6.2 million. The improved operating result was attributable to a 60% cut in costs to EUR 5.7 million.

Colexon's nine-month sales, however, plunged to EUR 22.2 million from EUR 73.6 million in the same period of 2011.

As part of its cost-cutting programme, the company halved its staff to 29 and now only focuses on its core business.

(EUR 1.00 = USD 1.27)

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