SULZEMOOS (dpa-AFX) - Phoenix Solar AG (PS4G), a photovoltaic system integrator, Monday reported a narrower loss before interest and taxes for the financial year 2013. Revenue, however, declined, as the company realigned its business towards U.S. and Asia during the year.
The company reported a consolidated loss result of 10.7 million euros, compared with a consolidated loss result of 37.3 million euros in 2012. Loss per share narrowed to 1.45 euros from 5.06 euros last year.
Phoenix Solar reported a loss before interest and taxes (EBIT) of 1.4 million euros in 2013, significantly narrower than loss of 31.8 million euros last year.
Consolidated revenues, however, declined by 9.1 percent to 141.2 million euros from 155.4 million euros in 2012.
While sales in both the U.S. and Asia regions increased, the sales revenues in the Europe region plunged to 33.2 million euros from 69.8 million euros in 2012. The company attributed the fall in revenues from Europe region to deterioration in political framework conditions.
Sales of photovoltaic power plants and modules were 126 MWp in 2013, down by 3.1 percent from 130 MWp in 2012.
Looking ahead, CEO Bernd Köhler said, 'Following radical restructuring in 2013, further progress hinges on both subsidiaries consolidating their sales successes in 2013 and continuing their expansion. If this succeeds, our return to the profit zone will be accomplished in line with our planning.'
In the financial year 2014, the company expects revenues in the range of 150 million euros and 160 million euros, representing an increase of around 10 percent, on the basis of expectation of sales of 130 MWp to 140 MWp. Phoenix Solar also said it expects a positive operating result (EBIT) of 2 million euros to 5 million euros in 2014.
Copyright RTT News/dpa-AFX