March 22 (Renewables Now) - Swedish thin film solar technology company Midsummer AB (STO:MIDS) today reported a 60% increase in its profit for 2018 and said revenues jumped by 90% to SEK 218.16 million (USD 23.7m/EUR 21m).
Profit for the year was SEK 36.9 million, up from SEK 23.1 million in 2017. CEO Sven Lindstroem said these are the firm’s “best sales and result figures ever”.
Midsummer has started moving production equipment into new premises near Stockholm to opens up space for increased production of the DUO machines and for in-house manufacturing of photovoltaic (PV) cells and modules, Lindstroem added.
The table contain details on the company’s performance in 2018.
|Results in SEK million||2018||2017||Q4 2018|
|Result for the period||36.9||23.1||4.7|
|Cash flow from operations||24.5||22.7||(12.6)|
At the end of the year, Midsummer's order book stood at SEK 265 million.
The report for the first quarter of 2019 is expected to be published on May 15.