Hamburg, Germany-based Conergy reports that it has achieved its first positive earnings before interest, taxes, depreciation and amortization (EBITDA) since the third quarter of 2010. Net cashflow also continued to be positive in the second quarter of 2012.
‘Despite an unchanged difficult market environment, we have managed to return to the black â�¦ in the second quarter,’ says Conergy CEO Dr. Philip Comberg.
Although sales were about 35% lower than in the same period in 2011, volume picked up considerably compared to the first quarter of 2012. Quarterly developments in Italy, Greece and the U.S. were particularly promising, Conergy notes.
For the rest of the year, Conergy's management continues to expect sales to be lower year-on-year and the EBITDA to improve to a low positive figure.