Aleo Solar swings to loss in H1 2012

Aug 2, 2012 - German Aleo Solar (ETR:AS1) today said it had turned to a first-half loss per share of EUR 1.87 (USD 2.29) from earnings per share of EUR 0.13 a year earlier, hurt by lower revenue, and cut its full-year revenue forecast.

The photovoltaic (PV) technology producer swung to an operating loss of EUR 23.5 million from a profit of EUR 3.4 million a year earlier.

Revenue decreased 28.3% on the year to EUR 166.4 million. The company's international business accounted for 58.3% of sales up from 49.9% in the first half of 2011. Demand at home was hindered by retroactive feed-in tariff (FiT) reductions effective April 1, Aleo Solar's CEO York zu Putlitz said.

The company's production volume rose to 197.7 MW from 161.6 MW.

According to Aleo Solar, the business in Germany will improve during the year, while foreign demand will be constrained by FiT cuts. The company expects its sluggish European main markets and the possible price declines to further constrain its revenue and earnings. Now it expects full-year revenue of at least EUR 370 million, while it had previously guided for revenue of EUR 410 million-440 million. The projections for a net loss were confirmed.

(EUR 1 = USD 1.225)

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