logo
Share SHARE
FONT-SIZE Plus   Neg

Q-Cells Reverses To Loss In 2011 - Quick Facts

Q-Cells SE (QCLSF.PK) published its unaudited annual results, reporting fiscal 2011 net loss of 845.8 million euros, as against a profit of 18.9 million euros a year ago. Loss before interest and tax amounted to 717.4 million euros in 2011, due to the unexpectedly difficult economic environment and extraordinary items, while in 2010 EBIT had come to 82.3 million euros.

The company noted that it was forced among others to revise down the value of tangible and intangible assets by 398.5 million euros and take 129.1 million euros in impairment charges on inventories.

Fiscal 2011 sales totaled 1.02 billion euros, thereby surpassing its target of more than 1 billion euros, while the prior year's sales amounted to 1.35 billion euros. Production volumes for 2011 came to around 783 megawatt peak or MWp.

Q-CELLS sees another loss making year in 2012, following intense competitive pressure and consolidation. However, after implementing the financial restructuring and medium-term business plan, the company is expected to return to a positive EBITDA for fiscal 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based... Home improvement retailer Lowe's Companies Inc. (LOW) has reportedly informed about 2,400 employees that they will be laid off. The majority of the lay offs are at the store level, while other affected positions are at distribution centers, contact centers and at the company's corporate office in... The U.S. Department of Defense and Lockheed Martin Corp. are reportedly nearing a deal worth $9 billion for F-35 fighter planes. President-elect Donald Trump had earlier heavily criticized the Pentagon for overspending on defense contracts. He had specifically noted the F-35 as an example on how Lockheed...
comments powered by Disqus
Follow RTT