Robust sales reduce Conergy's net loss in Q3 2010

(ADPnews) - Nov 11, 2010 - German solar power group Conergy AG (ETR:CGY) said today its third-quarter net loss shrank to EUR 4.3 million (USD 5.9m) from EUR 17.2 million a year earlier as sales almost doubled.

The result includes currency losses of EUR 7.6 million due to the weak US dollar, the company said.

Operating profit came to EUR 1 million from a loss of EUR 11.7 million a year ago.

Sales soared to EUR 275.3 million from EUR 138.8 million, after Conergy installed and sold a 19-MW solar power plant in September and thanks to strong sales abroad, especially in Europe.

In the first nine months, Conergy turned to a net profit of EUR 800,000 from a loss of EUR 81.5 million on a year-on-year surge in revenue to EUR 664.9 million from EUR 356.4 million.

The company said it has been in talks with its lenders to reduce its debt that includes EUR 12.2 million in refinancing-related consulting fees and EUR-13.4-million interest payments.

(EUR 1.0 = USD 1.373)

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