Solon narrows net loss in 9-mo 2010

(ADPnews) - Nov 12, 2010 - German solar technology company Solon SE (ETR:SOO1) saw its net loss narrow to EUR 17.4 million (USD 23.7m) in the nine months through September from EUR 146.7 million a year ago.

This translated into a loss per share of EUR 1.20, compared to EUR 11.71 for the same period last year, the company said on Friday.

Loss before interest and tax stood at EUR 5.3 million and was due to one-off warranty expense from a pre-existing Italian project. Excluding this item, the company would have turned to a positive operating result. A year earlier, Solon posted a loss before interest and tax of EUR 87 million.

Nine-month revenue went up by 85% on the year to EUR 404.6 million, on the back of a stable domestic market and a recovery in Europe and the US. More than a half of all sales came from foreign operations.

Solon affirmed its forecast for the full year of more than EUR 500 million revenue and a "balanced operating result".

(EUR 1 = USD 1.360)

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