May 21 (Renewables Now) - Swedish thin-film solar technology company Midsummer AB (STO:MIDS) saw its after-tax profit for the first quarter of 2020 plunge to SEK 649,810 (USD 67,800/EUR 61,660) from SEK 7.26 million a year earlier.
The company, which supplies equipment for the production of CIGS solar cells and makes its own flexible modules, posted an operating profit of SEK 4.13 million for January-March 2020, compared to SEK 8.07 million a year back.
Earnings before interest, tax, depreciation and amortisation (EBITDA) declined to SEK 12.7 million from SEK 14 million even as net revenues jumped to SEK 42.8 million from SEK 26.9 million.
”Ever since the end of 2019 we have experienced an increasing interest for our solar panels and our local Swedish production capacity couldn’t meet the demand [..] However, the start of production in China was much delayed due to the outbreak of the corona virus and we cannot count on any major deliveries from China until 2021,” said CEO Sven Lindstrom.
The company believes now it should focus on European production. The plan is to expand to multiple facilities in Europe.