PV Crystalox profit halves

Silicon wafers supplier PV Crystalox Solar is confident of a "robust" performance in the second half despite reporting a 57% slump in earnings for the first six months of 2009.Earnings before interest and tax for the half year ended 30 June fell to €21.5m from €50.5m a year earlier on revenue down slightly at €121.6m versus €126.3m last time.Wafer shipment volumes slipped to 100MW from 110MW a year ago, with customers requesting deferrals totalling 27MW, although that was less than the 30-35MW feared in May.An improvement in demand in recent weeks, partly driven by lower prices, has also prompted the group to predict second half volumes will beat the interim figure and lift total output for the year to 210-230MW. "Despite the current pricing pressure, the expected volume deliveries, yield and cost efficiencies give us confidence that we will produce another robust performance in the second half," chief executive Iain Dorrity said.The interim dividend stays at 2 euro cents a share.