REC reported revenues of NOK 3,783 million in the third quarter 2010, an increase of 37 percent from the second quarter 2010. REC saw continued strong demand across all product areas, however there were only minor changes to the average selling prices compared to the previous quarter. Operational results in the third quarter were positively affected by higher sales volumes and continued ramp-up of the new Singapore production facility.
HIGHLIGHTS
- Revenues of NOK 3,783 million up 37 percent compared with second quarter 2010
- Strong demand for all REC products, minor changes to average selling prices compared to the previous quarter
- EBITDA NOK 827 million up from NOK 455 million in the second quarter 2010, continued strong EBITDA in REC Silicon
- EBIT NOK 155 million versus negative NOK 146 million in the second quarter
- Results positively affected by higher sales volumes and Singapore ramp-up, and negatively affected by restructuring cost related to Glava close down and by power outage in REC Silicon
- Continued operational improvements in Scandinavia except weak performance of mono operations
- Net financial items negatively impacted by changes in currency rates and fair value adjustments of convertible bond
Third quarter 2010
October 27, 2010