Solarworld H1 op loss narrows but sales drop

Jul 19, 2013 - Solarworld AG (ETR:SWV) said Thursday its preliminary loss before interest and tax had declined to EUR 69 million (USD 90.6m) in the first half of 2013 from EUR 144 million a year earlier, while sales fell.

Despite the improvement on the operating level, the troubled German solar company was hit by lower shipments and the continuing pressure on module prices due to cheap competition from Asia. These factors caused the company's revenue to decline.

Loss before interest, tax, depreciation and amortisation (LBITDA) came in at EUR 37 million after a loss of EUR 99 million in the prior-year period.

Solarworld's revenue fell to EUR 201 million from EUR 340 million, while shipments, including the company's solar wafer business, went down to 233 MW in the first half of 2013 from 334 MW a year earlier.

A strong decline in shipments was booked on the domestic German market, which is seen shrinking to 4 GW in 2013 from 7 GW in 2012, Solarworld said.

The final financial figures for the first half of 2013 will be published on August 14, 2013.

(EUR 1.0 = USD 1.314)

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