German PV supplier Mage Solar has posted profits of €222m for the financial year 2011.
Approximately 50 percent of this revenue was derived from international business. The company adds that sales of PV modules rose about 25 percent to over 150 megawatts. Domestic sales of complete systems showed a light downtrend but this was compensated, however, through strong growth in the component area.
“Our business was also influenced by the market-driven price drop in PV modules,” said Dr Markus Feil, ceo of Mage Solar.
“This led to a revenue decrease parallel to a rise in units sold. In 2011, we were able to achieve a solid operational result and strengthen the foundation for our continued sustainable business growth through international expansion.”