German Conergy reduces Q3 2010 net loss to EUR 4.3m

(ADPnews) - Nov 11, 2010 - German solar power group Conergy AG (ETR:CGY) managed to lower its net loss to EUR 4.3 million (USD 5.9m) in the third quarter of 2010 from EUR 17.2 million in the prior-year period.

The reduction was mainly due to the strong quarterly sales, but added that negative currency effects of EUR 7.6 million related to the weak US dollar weigh on the result, the company said.

On the other hand, the company booked operating profit of EUR 1 million for the third quarter, against a loss of EUR 11.7 million a year ago.

Sales soared to EUR 275.3 million from EUR 138.8 million, after Conergy installed and sold a 19-MW solar power plant in September and thanks to strong sales abroad, especially in Europe.

In the first nine months, Conergy turned to a net profit of EUR 800,000 from a loss of EUR 81.5 million on a year-on-year surge in revenue to EUR 664.9 million from EUR 356.4 million.

The company said it has been in talks with its lenders to reduce its debt that includes EUR 12.2 million in refinancing-related consulting fees and EUR-13.4-million interest payments.

(EUR 1.0 = USD 1.373)

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