REC also experiences weak Q1


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."

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:

Popular content

Elastocalorics could replace heat pumps, air conditioning systems

16 July 2024 Elastocalorics have the potential to replace current air conditioning and heating systems, offering significant energy savings when paired with techno...


Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.