Germany’s Q-Cells SE (QCE.DE) returned to profitability in 2Q10, as the company continues restructuring efforts following major financial losses in 2009.
The company reported 2Q10 earnings of EUR 35.2 million. For the first six months earnings stand at EUR 11.2 million,
including the loss in 1Q10.
Continuing operations accounted
for EUR 37.0 million in 2Q10 and EUR 27.4 million in 1H10 (discontinued operations in 2Q: EUR 1.8 million;
1H: EUR 38.6 million).
Total production volume of solar cells and thin-film modules was around 238 megawatts-peak (MWp) in 2Q10 and thus 37% higher than 1Q10 (174 MWp); the figure for 1H10 amounts to 412 MWp.
A strong factor contributing to this growth included the high rise in production volume at Q-Cells’ Malaysian solar cell factory, which almost doubled its production output as against the previous quarter to nearly 100 MWp. Thin-film module production at the Thalheim location also virtually doubled from a low level to around 17 MWp.
Sales in the first half of the year amounted to EUR 565.7 million with the company generating EUR 333.5 million in 2Q10. This marks an increase of 144% on 2Q09 and growth of 44% compared to 1Q10.
For the first time, Q-Cells is reporting significant sales in its newly launched solar module business. Deliveries of crystalline modules amounted to 44 MWp in 2Q10.
The Supervisory Board of Q-Cells SE has named Nedim Cen as CEO of Q-Cells SE for the next five years with effect of 1 September 2010. Nedim Cen, so far Managing Director at restructuring advisor Alvarez & Marsal (A&M), had taken on the CFO position at Q-Cells SE back in June 2009 as well as the CEO position in March 2010 on an interim basis.
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