NIESTETAL (dpa-AFX) - Sluggish demand as a result of its customers' full warehouses has slowed the growth of inverter manufacturer SMA Solar at the start of the year. At just under 362 million euros, sales in the first quarter were almost at the previous year's level, as SMA Solar announced on Thursday in Niestetal, Hesse. Demand for private and commercial solar systems was particularly weak, while business with large-scale industrial projects increased significantly.

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by almost 17% to just under €50 million, partly due to higher costs. This includes one-off income of just under 20 million euros for the sale of SMA's shares in the joint venture Elexon. On balance, the MDax company's profit almost halved to 28.5 million euros. The Managing Board confirmed its forecast for the year./lew/zb