Conergy books first positive operating figures in two years

(SeeNews) – Aug 14, 2012 - Conergy AG (ETR:CGYK) today posted earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 500,000 (USD 620,000) for the second quarter of 2012 and thus its first positive operating result since the third quarter of 2010.

The German solar equipment maker booked a loss before interest, tax, depreciation and amortisation of EUR 5.9 million for the second quarter of 2011.

Conergy managed to reduce its second-quarter after-tax loss from continuing operations more than three times in annual terms to EUR 5.6 million from EUR 18.6 million.

At EUR 145.5 million, the revenue stood below the prior-year result of EUR 225.2 million. Solar module sales reached 110 MW, down from 119 MW in the second quarter of 2011.

For the first half of 2012, Conergy reported an after-tax loss of EUR 20.3 million, which was half of the EUR 41 million loss reported for the same period of last year. The company's loss before interest, tax, depreciation and amortisation shrank to EUR 7.1 million from EUR 16.9 million. Revenue was EUR 243.7 million against EUR 388.5 million in the first six months of 2011.

Conergy affirmed its forecast for the full 2012, envisaging revenue at the previous-year level and positive EBITDA.

(EUR 1.00 = USD 1.23)

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