German Manz swings back to profitability in H1 2011
Aug 11, 2011 - German solar power solutions provider Manz AG (FRA:M5Z) said today it had returned to profitability in the first half of 2011, following a strong rise in revenue.
The company's earnings before interest and tax (EBIT) stood at EUR 3.5 million, following an operating loss of EUR 1.5 million in the first six months of 2010.
Net profit amounted to EUR 2.7 million, up from a loss of EUR 700,000 a year earlier.
Manz' revenue in the first six months of 2011 almost doubled in annual terms to EUR 129.8 million from EUR 67.5 million in the prior-year period. The strong increase in revenue was mainly driven by strong demand on the Asian markets for the company's newly-developed products from the solar and flat panel display (FPD) business areas.
On the basis of favourable order position and capacity utilisation, Manz expects revenue of between EUR 240 million and EUR 250 million in 2011.