German solar machinery maker Centrotherm Photovoltaics AG (ETR:CTN) posted a EUR-6.7-million (USD 7.5m) net profit for the first half of 2015, versus a loss of EUR 8.2 million a year back.
The turnaround came as a result of the final invoicing of an old project in the silicon segment, higher revenue from the polysilicon factory project in Qatar, and cost cutting and efficiency measures, among other factors.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to EUR 12.3 million from EUR 1.8 million, and revenue grew by 10% to EUR 86 million.
Centrotherm Photovoltaics got EUR 46.6 million in new orders for the six-month period. Order intake was weaker than expected, affected by increased competition and cost pressure. The company plans to strengthen sales activities in order to improve new order intake trends in the short- and medium-term.
For the full 2015, Centrotherm still expects revenues of EUR 150 million-200 million and it also anticipates that it will break even. At the end of June, the firm had an order book of EUR 120.2 million.