Phoenix Solar AG announced the financial results for the first quarter of 2016. The Power Plants segment accounted for 88.9% of the consolidated revenues and brought a revenue jump by over 100% annually.

In the first three months of 2016, Phoenix Solar generated € 9.9 million of consolidated revenues, compared to € 4.9 million in 1Q15. After concluding several large-scale projects at the start of the quarter, newly acquired projects are just entering their ramp-up phase, with accelerated revenue growth to be realized beginning in the second quarter.

Revenues gained by the Power Plant segment was € 8.8 million, compared to € 2.5 million in 1Q15. The segment’s revenue represented 88.9% of the revenues, while the Components & Systems segment contributed 11.1%, lower than 49.3% in 1Q15.

Nonetheless, the gross profit margin decreased from 1Q15’s 18.0% to 6.8% due to material costs burdened by subsequent one-off project costs.

Group EBITA improved from € -2.6 million in 1Q15 to € - 2.5 million in 1Q16, and the Ebit margin improved from -52.5% to -24.9% during the year.

The consolidated net loss attributable to parent company shareholders amounted to € -3.7 million, compared to € -3.4 million in 1Q15. Calculated on an average number of 7,372,700 outstanding shares, EPS stood at € -0.50 €, slightly lower than -0,46 € in 1Q15.

For the full year of 2016, Phoenix Solar expects revenue between €180 million and € 210 million, and EBIT between € 2 million and around € 4 million.