Greentech Lead Asia: Solar energy equipment supplier Solar Technology posted a half-year loss of 16.2 million euros, compared with a profit of 59.4 million euros last year.
The loss is attributed to sharp drop in sales, decline in prices and one-time items of the planned personnel adjustments.
Sales for the half year fell 45 percent to 461.5 million euros from 833.7 million euros, as overall demand continued to lag substantially in Europe due to dramatic changes to the subsidy conditions, in particular in Germany and Italy, the unresolved financial crisis and the possible introduction of punitive duties on Chinese PV modules, the company said.
However, the group said it generated positive earnings before interest, taxes, depreciation and amortization or EBITDA 14.2 million euros, versus 114.2 million euros a year ago. EBIT was a negative 23.3 million euros, compared with 83.7 million euros last year.
The company has announced its sales and earnings forecast for 2013, which calls for sales of 0.9 billion – 1.3 billion euros.