Phoenix optimistic despite loss

Phoenix shares climbed on the news

Phoenix shares climbed on the news

Losses at Phoenix Solar widened amid the company’s restructuring, but it confirmed guidance for a further reduction of its full-year operating loss.

The German PV system-integrator incurred a loss before interest and tax (ebit) of €4.2m ($5.5m) in the first quarter, compared with a €1.1m loss a year earlier. Its net loss reached €5.8m, after a €1.2m loss in the corresponding period of 2012.

Results were dragged down by provisions of €1.9m earmarked for severance payments in connection with a staff reduction due to the discontinuation of the trading and project business in Germany.

On the upside, the expected charges from the repositioning of the business in Germany have been fully absorbed in the first quarter, Phoenix Solar says.

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