Margins before interest, tax, depreciation and amortisation increased to 35%, against 18% a year earlier. However, revenues were 16% lower than the NKr4.87bn which the company saw in the last quarter of 2010.
“The positive trend in demand in the solar market continued in the beginning of 2011,” says REC in a statement. “However, seasonal effects and uncertainties relating to the subsidy scheme in Italy led to reduced growth in demand and price pressure towards the end of the first quarter.”
REC says that selling prices for polysilicon were fairly stable, while average selling prices for wafers and modules were down 4% compared to the last quarter.
The
