Swiss Edisun books net loss of CHF 348,000 for H1 2011

Sep 1, 2011 - Swiss solar electricity producer Edisun Power (SWF:ESUN) posted last night a net loss of CHF 384,000 (USD 477,531/EUR 333,833) for the first half of 2011, after a loss of CHF 213,000 in the same period of 2010.

Although the company improved its revenue, it registered a net loss because of a deduction of financing costs, mainly in Swiss franc.

At the same time, Edisun recorded earnings before interest and tax (EBIT) of CHF 584,000, despite value corrections of CHF 156,000. In the prior year period, EBIT stood at CHF 20,000.

Revenue from power sales increased by 33% on the year to CHF 3.38 million, with 64% of the amount generated outside Switzerland. In local currencies, revenue grew by 39%.

Heinrich Bruhin, chairman of the board of directors, said that the company expects a net profit in the future, if the basic conditions remain unchanged. Edisun's facilities built recently in Europe will help reducing the currency risk, he added.

(CHF 1.0 = USD 1.244/EUR 0.858)

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