Dutch solar power group Photon Energy on Tuesday posted a 15.2% year-on-year drop in annual revenue to 11.76 million for the full year 2014 while managing to reduce its net loss by 18.9% to 4.05 million.
The company reported continuing growth in its Operations & Maintenance portfolio, which doubled its assets under management in 2014 to a total of 122.5 MW.
Photon also reached profitability before interest and tax with 183,000 after an EBIT loss of 1.5 million in 2013.
The Amsterdam-based company said its bottom line was strongly impacted by a 2.23 million (non-cash) loss on the revaluation of derivatives linked to the strong decline in market interest rates.
In the fourth quarter, Photons revenue declined by 44% year-on-year to 1.49 million while its net loss jumped 75% to 1.3 million. Similarly, at the EBIT level a profit of 460,000 in the fourth quarter of 2013 was followed by a 1.13 million loss in 2014.
Among the groups achievements in 2014 was the connection of its first solar off-grid project in Australia, which took place in the fourth quarter of last year.