PV Crystalox swings to positive EBIT in H1 2013

Aug 15, 2013 - UK firm PV Crystalox Solar Plc (LON:PVCS) turned to positive earnings before interest and tax (EBIT) of EUR 1.5 million (USD 2m) in the first half of 2013 from a EUR-12.2-million loss a year ago.

The multicrystalline silicon wafer maker on Thursday reported a net loss of EUR 2 million for the first half of this year, narrowing from EUR 27.9 million a year ago. Pretax loss also narrowed significantly to EUR 879,000 from EUR 11.9 million in January-June 2012.

CEO Iain Dorrity said that oversupply in the industry was still affecting pricing across the value chain. Yet, the company keeps observing closely market trends and developments so as to be able to position itself for “the eventual return of a more rational business environment”, Dorrity added.

Revenue for the period declined to EUR 28.6 million from EUR 32.6 million.

PV Crystalox’s board expects the tough market conditions to remain in the short- to medium-term. It guided for 2013 shipments of 160 MW to 180 MW as inventory levels continue to fall. Still, the company expects “a small operating loss” in the July-December half.

At of June 30, PV Crystalox had positive net cash balance of EUR 64 million.

In mid-July German Silicon Products Research Engineering Production GmbH acquired PV Crystalox’s polysilicon production plant in Bitterfeld, central Germany. The disposal was part of a restructuring within the company.

(EUR 1 = USD 1.329)

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