SolarWorld AG:Fivefold increase in Group profit to 7.4 million euros in Q102-05-05v3
SolarWorld AG (ISIN: DE0005108401) achieved a more than fivefold increase in Group profit year-on-year to 7.43 (Q1 2004: 1.47) million euros in the first quarter of 2005. At 57.9 (Q1 2004: 35.4) million euros, consolidated sales in Q1, a quarter which tends to generate below-average results due to the seasonal nature of the business, also reached a record level.
Growth in EBIT margin to 23.1 (Q1 2004: 8.4) per cent Due to the positive trend in the Group"s national and international solar power business, combined with the Group"s consistent cost management, earnings before interest, taxes, depreciation and amortization (EBITDA) climbed to 17.7 (Q1 2004: 6.9) million euros. Earnings before interest and taxes (EBIT) rose to 13.4 (Q1 2004: 3.0) million euros. The SolarWorld Group"s earnings before taxes grew to 12.0 (Q1 2004: 1.8) million euros in the period January to March 2005. The Group"s balance sheet also continued to record solid growth. Projected for the year as a whole, return on equity, one of the key profitability ratios, accounted for 16.9 per cent.