Sustainable Energy revenue falls 16% in 9-mo FY 2011/12
Aug 31, 2012 - Canadian solar inverter maker Sustainable Energy Technologies Ltd (CVE:STG) on Thursday reported revenues of CAD 2.4 million (USD 2.4m/EUR 1.9m) for the nine months to June 30, down 16% year-on-year.
The decline was due to finished product shipping delays from a contract manufacturer in Ontario. These deferred revenues will be recognised in the current fiscal quarter through September, Sustainable Energy said.
The company added that it had managed to cut its operating expenses to 58% of the prior year’s level and slash by 82% cash used in operations year-to-date.
Sustainable Energy is now focusing on an original equipment manufacturing (OEM) strategy with integrators for residential and small commercial solar systems in Germany, Japan and California.