German Aleo Solar cuts 2011 revenue forecast on H1 figures
Aug 9, 2011 - German photovoltaic (PV) technology producer Aleo Solar (ETR:AS1) today reduced its revenue forecast for 2011, following a decline in both revenue and operating profit in the first half of the year.
The company now expects revenue of EUR 515 million (USD 733.55m) in 2011, down from the previous projection for revenue of EUR 560 million.
In the first six months of 2011 Aleo Solar saw its revenue decline by 16.2% on the year to EUR 232 million. Following a significantly strong demand in the previous year, demand in Germany was only moderate in the first half of 2011, CEO York zu Putlitz said.
The company's first-half earnings before interest and tax (EBIT) dropped to EUR 3.4 million from EUR 29.3 million a year earlier, while EBIT-margin was 1.5%, down from 10.6%.
Production volume in the first six moths of 2011 rose to 161.6 MW from 132.8 MW in the prior-year period.