Dark period for producers of solar energy. Q-Cells, one of the world's leading manufacturers of solar cells, reported a loss of nearly 1 billion euros over the first nine months of the year, against a profit of 150 million euros over the same period in 2008. Its turnover in nine months has, meanwhile, fell sharply by 40.9% yoy to 550.3 million euros.
The group Q-Cells said the decline coupled turnover and results by falling prices of photovoltaic cells, a background of economic crisis and increased competition from Chinese manufacturers, which enjoy much lower costs and massive government aid programs.
The Conergy Group, number two German industry has recorded its share down 41% of its sales in the third quarter while its counterpart Phoenix Solar, which specializes in installing solar panels on the roofs of buildings, revised downward its forecast for growth in turnover.
The Chinese group JA Solar is one of those who profit from the current weakness of its European competitors. With a volume of record quarterly shipments, the Asian group could return to profitability in the third quarter.
To adapt to this changing market, Q-Cells, as rival Norwegian Renewable Energy, has already started to transfer Asian part of its production to reduce costs.
Listed on the Frankfurt Stock Exchange, the action Q-Cells lost 3.86% to 10.93 euros in mid-session while Phoenix Solar yielded 4.88% to 35.10 euros.Conergy was also in the red, falling 2.53% to 0.77 euros.