Q-Cells records €354.8m Q2 loss
10 Aug 2011
German photovoltaic (PV) cell manufacturer Q-Cells generated revenue of €316m for the second quarter of 2011, more than double the €125.1 it achieved in the first quarter of the year. But due to significant impairment charges the company recorded an operating loss for the quarter of €307.7m, a slight improvement on the €318.3m loss of the first three months of the year.
After interest and taxes the company made a second quarter loss of €354.8m, down slightly from the €395.8m loss of the first quarter.
Nedim Cen, CEO of Q-Cells, said, ‘In the first half of the year, the difficult situation in the European market hit us particularly hard. I expect competition to remain tough in the coming year with no significant changes to demand, but we will be in a much better position to deal with it. I am convinced that the strategy of further developing Q-cells into a photovoltaic solutions provider is the right way to go.’
The company has decided on a package of measures to make it increase competitiveness that include permanently reducing output at its German factory by 50 per cent and increasing production at its facility in Malaysia. In July, the company announced it had sold off production plants with a combined production capacity of 40MW.
This announcement follows a similar trend in recent weeks of US and European solar companies announcing loses and revenue decreases.
http://www.newenergyworldnetwork.com/investor-news/renewable-energy-news/by-technology/solar/q-cells-records-e354-8m-q2-loss.html?utm_source=NewNet+Clean+Energy+Investor+Newsletter%28c%29&utm_campaign=8bbbaa6d35-NewNet_Clean_Energy_Investor_Newsletter_7_6_2011&utm_medium=email
10 Aug 2011
German photovoltaic (PV) cell manufacturer Q-Cells generated revenue of €316m for the second quarter of 2011, more than double the €125.1 it achieved in the first quarter of the year. But due to significant impairment charges the company recorded an operating loss for the quarter of €307.7m, a slight improvement on the €318.3m loss of the first three months of the year.
After interest and taxes the company made a second quarter loss of €354.8m, down slightly from the €395.8m loss of the first quarter.
Nedim Cen, CEO of Q-Cells, said, ‘In the first half of the year, the difficult situation in the European market hit us particularly hard. I expect competition to remain tough in the coming year with no significant changes to demand, but we will be in a much better position to deal with it. I am convinced that the strategy of further developing Q-cells into a photovoltaic solutions provider is the right way to go.’
The company has decided on a package of measures to make it increase competitiveness that include permanently reducing output at its German factory by 50 per cent and increasing production at its facility in Malaysia. In July, the company announced it had sold off production plants with a combined production capacity of 40MW.
This announcement follows a similar trend in recent weeks of US and European solar companies announcing loses and revenue decreases.
http://www.newenergyworldnetwork.com/investor-news/renewable-energy-news/by-technology/solar/q-cells-records-e354-8m-q2-loss.html?utm_source=NewNet+Clean+Energy+Investor+Newsletter%28c%29&utm_campaign=8bbbaa6d35-NewNet_Clean_Energy_Investor_Newsletter_7_6_2011&utm_medium=email