NIESTETAL (dpa-AFX) - Solar technology manufacturer SMA Solar continues to grapple with declining demand, particularly in the residential and commercial systems market. The company is also facing intense competition and pricing pressure. However, business with major clients and large-scale projects has stabilized, albeit at a low level. As a result, group revenue for the first nine months rose by 7 percent year-on-year to 1.13 billion euros, SMA Solar announced Thursday in Niestetal.
Before interest, taxes, depreciation, and amortization (EBITDA), SMA reported a loss of nearly 17 million euros, compared to an operating profit of 83.5 million euros in the previous year. The result was affected by factors such as impairment charges, inventory write-offs, and provisions for purchase obligations. However, the loss was not as severe as analysts had feared. The group's net result stood at minus 144.5 million euros, down from a positive 34.7 million euros a year earlier. The management board confirmed the annual targets that were lowered at the beginning of September.
