Little cheer for PV group Aleo
German PV manufacturer Aleo Solar posted a dramatic fall in first quarter revenue and widening losses, amid a continued erosion of prices.
Revenue at the Bosch-owned company plunged 58% to €31.1m ($40.3m) in the first quarter from a year earlier, while its loss in earnings before interest and taxes (Ebit) widened to €16.3m from a loss of €8.2m a year earlier.
The company said the decline in revenue also came because in the year-ago quarter new solar installations in Germany had surged amid a debate about cuts to PV support.
Aleo said it expects demand to remain subdued for the remainder of the year.
German industrial conglomerate Bosch in March said it aims to sell its majority stake in Aleo Solar amid an exit from the PV sector.