SULZEMOOS (dpa-AFX) - Phoenix Solar AG (PS4G) reported fiscal 2016 consolidated net result attributable to shareholders of a loss of 4.6 million euros compared to a loss of 5.2 million euros, prior year. Basic loss per share was 0.62 euros compared to a loss of 0.71 euros. EBIT improved to 0.6 million euros compared to a negative EBIT of 1.6 million euros, last year.
In the financial year 2016, Phoenix Solar AG generated consolidated revenues of 139.2 million euros compared to 119.4 million euros, prior year, an increase of 16.6%. Total solar PV systems installations rose to 153.7 MWp from 98.7 MWp.
Tim Ryan, Group CEO, stated: 'Our revenues grew at a reasonable rate in 2016 and for the first time in several years we are able to report a positive EBIT result, with cost controls, supply chain efforts and absolute discipline on project margins being the main contributors.'
Phoenix Solar anticipates solid growth in consolidated revenues and earnings going forward. For 2017, the company foresees a revenue projection in the range of 160 to 190 million euros. To achieve this, the company is planning projects with a total volume of between 180 MWp and 220 MWp. For 2017, the company projects a positive operating result (EBIT) in the range of 1.0 to 3.0 million euros.
Copyright RTT News/dpa-AFX