Order boom drives Centrotherm net profit up 49.5% Y/Y in 9-mo 2010

(ADPnews) - Nov 10, 2010 - German Centrotherm Photovoltaics AG (ETR:CTN) saw its net profit for the nine months to September 30 rise by 49.5% year-on-year to EUR 37.4 million (USD 52m), reflecting a surge in orders and expanded market share.

Operating profit for the period amounted to EUR 54.2 million, up 52.7% on the year.

The company spent EUR 30.3 million on research and development activities, compared to EUR 19.4 million in the first nine months of 2009.

The nine-month revenue grew 22.3% to EUR 458.4 million, with 84% of it coming from the Asian market. The solar cell and module segment brought the bigger portion with sales of EUR 295.2 million, up 55.1%, while the silicon and wafer unit booked revenues of EUR 151.3 million, up 11% in annual terms.

As at September 30, Centrotherm's order backlog stood at EUR 747.7 million, down from EUR 922.4 million a year ago. New orders for the reporting period were EUR 707.7 million, compared to EUR 472.1 million. Production levels tripled to an average of 60 systems per month.

The company confirmed its earlier guidance of revenues for the full year reaching EUR 580 million to EUR 600 million.

(EUR 1.0 = USD 1.380)

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