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SolarWorld increases trade solar shipments

Reporting its first quarter (Q1) 2012 financial results, Germany-based SolarWorld AG has achieved increased solar module shipments in its trade business. In particular, it says the German market recorded strong growth. Overall, revenue and consolidated profits decreased, but EBIT was positive.

The wafer sector had a negative impact on SolarWorld's Q1 2012 revenues.

SolarWorld AG

In Q1 2012, SolarWorld managed to increase its solar module shipments from 99 megawatts (MW) in Q1 2011, to 146 MW in its trade business. While positive, its Production Germany segment recorded a decrease of both wafers and modules, from 185 MW in Q1 2011, to 147 MW.

"In light of the strong business in Germany, the groupwide foreign share of shipments decreased to 45 (Q1 2011: 77) percent," said the company in a statement released.

Due to the poorly performing wafer sector and continued price decreases, SolarWorld saw group revenues tumbling from €233 million in Q1 2011, to €170.5 million in Q1 2012. EBIT, however, grew from €27.9 million, to €31.5 million in the same period. Meanwhile, consolidated profits totaled €7.2 million in Q1 2012, compared to €12.5 million in Q1 2011.

"In the first quarter of 2012, the international solar industry was under pressure. In Germany, our results were affected by pull-forward effects in the first three months, which were once again triggered by politics," said CEO, Frank Asbeck. He added, "In addition to further internationalization of SolarWorld, we are focusing on innovations 'Made in Germany' and 'Made in USA.'"