Phoenix Solar Aktiengesellschaft reported consolidated earnings results for the first quarter of 2015. For the quarter, the company generated EUR 4.9 million of consolidated revenues, a decline of 24.8% compared to EUR 6.6 million a year ago. The slight downward trend was expected, as the current year no longer includes revenues from the O&M business in Germany, which was divested in late 2014.

Furthermore, newly acquired projects in the core USA market are just entering their ramp-up phase, with more significant revenue to be realized in the second quarter and increasingly in the second half of 2015. Group LBIT was at EUR 2.6 million in the first quarter of 2015 compared to EUR 2.2 million a year ago. Despite the decline in revenues this was only 16.4% lower than the pre-year result due to the improved cost structure.

Despite lower revenue and gross profit figures, the consolidated net loss attributable to parent company shareholders improved slightly during the first quarter of 2015 to EUR 3.4 million compared to EUR 3.6 million a year ago. EPS (earnings per share) stood at EUR 0.46 compared to EUR 0.49 a year ago, slightly better than pre-year. The cash outflow from operating activities at EUR 2.4 million was negative but slightly improved versus pre-year EUR 2.6 million.