SolarWorld AG posted an 11% drop in first-quarter revenue to 99.4 million ($137.7 million) due mainly to what the company said were one-off effects from the sale of two large-scale projects early last year as well as falling prices in the international solar market.
The group reported that consolidated operating profit (before interest and tax) rose in the first three months 2014 to 127.4 million due to the inclusion of preliminarily calculated earnings from the initial accounting of production lines and other assets acquired from Bosch Solar Energy amounting to 135.6 million. Adjusted for this one-off, however, the company made an operating loss of 8.2 million.
While revenue dropped, SolarWorld raised its group-wide shipments by 41% to 154 MW compared to 109 MW a year ago based on preliminary information.
The company said the successful completion of financial restructuring in the first quarter strongly influenced its consolidated financial earnings, resulting in profits of 555.7 million. Consolidated after-tax earnings rose from a 44.1 million loss a year ago to a profit of 550.1 million.
The restructuring also left SolarWorld with a positive equity of 321.4 million and liquid funds of 183.3 million at the end of the quarter.