Norwegin solar company Renewable Energy Corporation ASA (REC.OL) has reported revenues of NOK 2,121 million in 2Q08, an increase of 27% from the NOK 1,673 million reported in the 2Q07.
Revenues for the first half of 2007 were NOK 3,892 million compared with the NOK 3,288 million reported for the first half of 2007, representing an increase of 18%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 889 million in 2Q08, compared with NOK 812 million in 2Q07. The EBITDA margin of 42% in 2Q08 compares with 49% in the same quarter last year.
First half over first half, the EBITDA decreased slightly from NOK 1,681 million in 2007 to NOK 1,631 million in 2008. Mainly due to higher production and revenues, operating profit (EBIT) increased by 6% to NOK 716 million in 2Q08, compared with NOK 679 million in the same quarter last year.
Profit before tax was NOK 708 million in 2Q08, compared with NOK 671 million in 2Q07. For the first two quarters of 2008 profit before tax was NOK 1,036 million in 2008 and NOK 1,305 million in 2007.
About REC
REC is uniquely positioned as one of the most integrated companies in the solar energy industry. REC Silicon and REC Wafer are the world’s largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engage in project development activities in selected segments of the PV market. REC Group had revenues in 2007 of NOK 6,642 million and an operating profit of NOK 2,588 million.
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