Payom Solar: Weak third quarter affects earnings
Hamburg, Germany - Payom Solar AG had to cope with a drop in revenues in Q3. The decisive effect in the third quarter was the reassessment of sales and earnings contributions from current projects. Due to the progressive fall in prices for components, a repeated devaluation in inventory assets and expenses for the dissolution of last year concluded forward exchange operations incurred considerably. These effects in the third quarter led to a negative revenue of 2.0 million Euro and a negative operating result (EBIT) of 11.1 million Euro.
The company achieved in the first nine months of 2011 consolidated sales of 51.4 million Euro and a negative EBIT of 13.8 million Euro. For the full year 2011, the management board assumes achieving a revenue level of around 90 million Euro. Although Payom is expected to be back in the black in Q4, fiscal year 2011 will nevertheless be closed with a loss.
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