REC reduces Q2 net loss to EUR 57m

Jul 18, 2013 - Norway’s solar panel maker Renewable Energy Corp ASA (OSL:REC) said today it had narrowed its net loss from total operations to NOK 447 million (USD 75m/EUR 57m) in the second quarter of 2013 from NOK 4.05 billion a year ago.

As a result, the company trimmed its basic and diluted loss per share from total operations to NOK 0.20 from NOK 2.77.

The bottom line for the comparative period suffered from NOK 3.6 billion in impairment charges.

REC posted a net loss from continuing operations of NOK 448 million, compared to a loss of NOK 3.71 billion in the year-ago period, while it generated a profit of NOK 1 million from discontinued activities, after losing NOK 344 million previously.

Loss before interest and tax came in at NOK 58 million against a loss of NOK 3.72 billion. Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations fell to NOK 152 million from NOK 270 million.

REC saw its second-quarter revenues decline to NOK 1.54 billion from NOK 1.99 billion, in spite of higher solar panel prices and increased sales volumes. The drop mirrored the company's decreased solar grade polysilicon sales, it explained.

For the first half of 2013 REC booked a net loss from total operations of NOK 656 million, cutting its deficit of NOK 4.26 billion from a year back. Revenues shrank to NOK 2.82 billion from NOK 3.95 billion.

(NOK 1.0 = USD 0.167/EUR 0.127)

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