Sep 3, 2012 - Australian CBD Energy (ASX:CBD) today said it had turned to a preliminary consolidated net loss of AUD 21.7 million (USD 22.2m/EUR 17.7m) for its fiscal year through June from a profit of AUD 2.6 million a year ago due to difficult conditions in the Australian renewable energy market.
The green energy firm saw its revenue plunge to AUD 54.5 million from AUD 164.4 million mainly due to the slump in the solar residential market in Australia, which accounted for 70% of the company's revenue in the fiscal 2010/11, after changes in government policies and subsidies.
During the period, CBD Energy incurred AUD 12 million in non-recurring charges and write downs related to business restructuring and the establishment of divisions to diversify into renewable energy areas out of the Australian market. CBD Energy believes the new divisions and structures would stabilise its business and help it return to the black in fiscal 2012/13.
Earlier this year, CBD Energy agreed to merge with US integrated rooftop solar systems maker Westinghouse Solar Inc (NASDAQ:WEST) in a bid to enter the US market.