Solar Millennium targets net profit of €18 million
 
Solar Millennium AG expects to achieve revenues of €80 million and net profit of €18 million from the current fiscal year.
 
During the first eight months of the current financial year (ending on June 30, 2008), the consolidated revenues increased by around 11 percent to €12.3 million compared to the first eight months of the previous fiscal year.
 
The balance sheet total went up 92 percent from €120.1 million to €230.3 million. Net profit amounted to €0.3 million compared to €1.7 million for the corresponding period in the previous year. The decrease is due the fact that significant turnover and profit from the development and implementation of solar-thermal power plants are not expected until the last quarter of the current financial year.
 
The revenues were largely derived from the project development and technology business sectors. Key factors here were settlements for project development services as well as the positive business developments in the engineering field.
 
The company has seen further development in the power plant construction segment in the recent months.
 
Christian Beltle, chairman of the Solar Millennium board said, "We will profit from these major investments for the future in the last quarter of the current financial year, and even more in the years to come."
 
The current financial year has seen the start of the design of the solar field for a hybrid power plant in Egypt (Kuraymat) as well as the supply of key components.