Solarstrom bullish on 2013 outlook
German solar developer SAG Solarstrom saw its losses widen in the first quarter – but was upbeat on full-year prospects amid strong project activity, while sounding a warning note over EU duties.
“In 2013, we have been able to continue our positive development from the last two quarters of 2012, which will become clear from our sales and earnings over the course of the year,” says SAG Solarstrom CEO Karl Kuhlmann.
Under current market conditions, the company expects to increase its installation and sales volume in 2013 and achieve a positive operating result, he added.
Sales revenue fell in the first quarter to €19.5m ($25.3m) from €21.4m in the previous year, while earnings before interest and taxes (Ebit) stood at a loss of €2.9m, compared to a €2.8m loss in the year-ago quarter.
This was due to “high pre-funding costs of project activity and to the fact that the earnings from the high installation volume in the UK had not yet been realised at the key date”, the company said in a release.
CEO Kuhlmann warned, however, that the process for introducing anti-dumping duties in the EU “is completely misguided, (and) could have very negative consequences on the European market for photovoltaic power”.