Phoenix Solar unaffected by EU-China panel dispute - report

Aug 6, 2013 - German Phoenix Solar (ETR:PS4) focuses on regions that are unaffected by the spat between China and Europe over solar panel prices, CEO Bernd Koehler told 4investors.de in an interview published on Tuesday.

The European Union and China got into a dispute over the cut prices at which Chinese manufacturers sell their solar panels in Europe. A settlement was reached, however, with China agreeing to introduce a minimum price and limit the volume of exports to the EU until the end of 2015. The requirements are not obligatory, but Chinese solar firms following them would be spared import levies imposed by the EU.

In addition to avoiding the negative effects stemming from the dispute, Phoenix Solar's focus on Asia and the United States also helped it reduce losses. Cost cuts have also contributed to this achievement, Koehler said.

The chief executive stressed that the company has its funding secured until the end of March 2015. Phoenix Solar enjoys a stable financing basis, he added.

Phoenix Solar is expected to return to operating profitability next year, according to Koehler.

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