LONDON (Alliance News) - PV Crystalox Solar PLC on Thursday reported a wider pretax loss in 2015, despite growth in revenue, and said it is extending its strategic review of the business in a difficult trading environment.
The photovoltaic silicon and wafer supplier said its pretax loss widened to EUR13.7 million in 2015 from EUR4.7 million in 2014, despite revenue rising to EUR64.5 million from EUR53.3 million.
PV Crystalox said it sold significantly higher volumes of polysilicon in 2015 than in 2014, contributing to the rise in revenue, but that the levels of other income and foreign exchange gains experienced in 2014 were not repeated in 2015, leading to a widening in its pretax loss.
Other income declined by EUR11 million and currency gains were EUR9.2 million lower.
"The board remains mindful of the need to protect shareholder value and accordingly believes that extending the period of the strategic review is in the best interest of shareholders. Whilst the board believes that the long-term outlook for the solar industry remains positive and our short-term commitment remains strong, our longer term participation remains dependent upon sensible trading conditions in the solar marketplace," Chairman John Sleeman said in a statement.
Shares in PV Crystalox were trading up 3.7% at 9.73 pence on Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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