Phoenix Solar turns to operating profit in Q2 2013

Aug 8, 2013 - Phoenix Solar AG (ETR:PS4) has managed to book positive EBIT for the first time since 2010, turning to a result of some EUR 400,000 (USD 530,000) in the second quarter of 2013, from a loss of EUR 13 million in the prior-year period.

Given the improvement in the second quarter, the German solar power company was able to reduce its negative EBIT for the first six months of the year to EUR 3.8 million from EUR 14.1 million in the same period of 2012.

The EBIT margin was a negative 5.6% in the first six months of 2013, compared with a negative 16.7% a year ago.

Phoenix Solar's first-half net loss narrowed to EUR 7.5 million from EUR 16.6 million. Revenue decreased to EUR 68.4 million from EUR 84.4 million due to the discontinuation of the trading and project business in Germany in its previous form. Markets abroad accounted for 73.6% of the sales as the company refocused its activities on high-growth markets in USA and Asia.

In view of the developments, Phoenix Solar confirmed its forecast for a revenue of between EUR 160 million and EUR 190 million in 2013. The EBIT-loss is seen down to between EUR 7 million and EUR 2 million, including restructuring expenses.

(EUR 1 = USD 1.35)

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