REC also experiences weak Q1

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The Norwegian company reaped revenues of NOK 4.1 billion (around €177.8 million) in the first quarter of this year. Although not a bad amount, it did mark a 16 percent decrease from the fourth quarter 2010. REC attributes the decline to reduced sales volumes of all products.

Its EBITDA, meanwhile, decreased from NOK 1.5 billion (around €190 million) in the last quarter to NOK 1.4 billion (around €177 million) in this one. EBIT was NOK 772 million (around €98 million) in the first quarter of 2011, compared to NOK 1.1 billion (around €139 million) in the fourth quarter of 2010.

On a more positive note, however, net debt was reduced by NOK 0.6 billion to NOK 7.4 billion.

REC went on to say that average selling prices for polysilicon were fairly stable, but the average selling prices for wafers and modules were down four percent compared to the previous quarter.

In a statement, it added: "The positive trend in demand in the solar market continued in the beginning of 2011. However, seasonal effects and uncertainties relating to the subsidy scheme in Italy led to reduced growth in demand and price pressure towards the end of the first quarter."

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