According to a statement released, Colexon Energy AGs revenues decreased by almost half in the first half (H1) of the year, having fallen from 102.9 million in H1 2010 to hit just 56.9 million.
Of this, the photovoltaic companys wholesale segment accounted for 35.8 million, while its project segment reaped 13,7 million, and its solar power plant operation and service & management segments recorded 6.9 million and 0.5 million respectively.
Gross profit, meanwhile, fell 57 percent year on year, from 22.2 million in H1 2010 to 9.6 million. At -2 million, the companys H1 2011 EBIT also suffered a setback in comparison to the 8.6 million seen in H1 2010.
As such, it recorded a net loss of over 100 percent, with figures dropping from 2.6 million in H1 2010 to a paltry -4.2 million in H1 2011.
In the companys H1 2011 financial report, it was stated that Colexon had to abandon plans to install 50 megawatts peak worth of photovoltaic projects in Italy, France and the U.K.
To make up for this and the other financial losses experienced, Colexon has announced it is in the process of employing an "extensive" restructuring plan.
This plan includes "considerable" downsizing of the organization. The key focus, says the company, will now be on its core markets and asset management of its own photovoltaic plants.
In a statement released, Colexon said, "The aim of the adapted business model is to considerably reduce staff and material costs in order to perceive future opportunities in the solar market."
Specifically, it says it has either closed, or is in the process of closing its offices in Leipzig and Mainz in Germany, Prague, the Czech Republic, and Imola in Italy. Its offices in the U.S. and Australia have also been affected. Furthermore, it says that its workforce in Hamburg has been "significantly" reduced.
In the financial report, the company stated that at the "reporting date" it had a total of 93 employees in comparison to 122 in the previous year. It is unlikely, however, that this figure has taken into account the just announced job losses.
"The impact from many of these measures some of which were approved and implemented only in July will not be felt for a number of months. The effects of such adjustments are thus not reflected in the half-year result," wrote Volker Hars, CEO and Rolando Gennari, CFO in the companys financial report.
No one at the company could be reached for further comment.