Midsummer posts small loss, lower revenues in Q1 2019

Source: midsummer.se.

May 15 (Renewables Now) - Swedish thin film solar technology company Midsummer AB (STO:MIDS) reported a loss of SEK 4.2 million (USD 437,000/EUR 390,000) for the first quarter of 2019 and lower revenues.

The result for the period compares to a profit of SEK 4.7 million in the preceding quarter. Sales plunged to SEK 18.7 million from SEK 53 million because the company focused on a new offering for its customers, with more favourable payment terms, financed by the SEK-200-million green bond issued by Midsummer in April.

“With the green bond in place, the sales discussions have taken off and reached a new momentum, and we anticipate accelerated sales in the future thanks to these new opportunities,” said CEO Sven Lindstroem.

Midsummer reported an operating loss of SEK 4.94 million, versus and operating profit of SEK 5.04 million in the fourth quarter of 2018.

The company’s next financial report will be published in August.

(SEK 10 = USD 1.04/EUR 0.93)

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