SolarWorld posts Q1 EBIT loss of EUR 28m

German photovoltaics (PV) maker SolarWorld (ETR:SWV) reported a loss before interest and tax of EUR 28 million (USD 30.7m) for the first quarter of 2017 on revenues of EUR 186 million.

The global price erosion since the middle of last year has led to a nearly 13% year-on-year decrease in consolidated revenue. Operating losses widened when compared to the first quarter of 2016, but performance improved in quarter-on-quarter terms. SolarWorld managed to grow shipments to 382 MW “in a difficult market environment”.

The table contains the preliminary results released by the company on Friday.

As previously announced, SolarWorld has taken concentrate fully on the production and sale of high-efficiency photovoltaics (PV) based on monocrystalline silicon technology and PERC (passivated emitter rear cell). The transition is on track and will be mostly completed this year, the firm said. A plan to “successfully compete in a fast changing market environment” was announced in February and involved the cutting of 400 jobs.

At the end of March SolarWorld has EUR 84 million in liquid funds.

(EUR 1 = USD 1.1)

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