Phoenix Solar AG reported audited consolidated earnings results for the year ended December 31, 2016. For the year, the company generated consolidated revenues of EUR 139.2 million compared to EUR 119.4 million, an increase of 16.6%. Earnings before interest and taxes improved to EUR 0.6 million compared to LBIT of EUR 1.6 million a year ago. The EBIT margin as a percentage of sales amounted to 0.4% in compared to negative of 1.3% a year ago. The consolidated net loss for the period attributable to shareholders stood at EUR 4.6 million compared to EUR 5.2 million a year ago. Net loss of EUR 0.1 million was attributable to minority interests compared to EUR 0. 4 million a year ago. The basic loss per share stood at EUR 0.62 compared to EUR 0.71 a year ago.

The company anticipates solid growth in consolidated revenues and earnings going forward. 2017 foresees a revenue projection in the range of EUR 160 million to EUR 190 million compared to EUR 139.2 million a year ago. To achieve this, the company is planning projects with a total volume of between 180 MWp and 220 MWp compared to 153, 7 MWp a year ago. The company is thus projecting a positive operating result (EBIT) in the range of EUR 1.0 million to EUR 3.0 million.