The decline came as the EBIT fell to a loss of NOK125m (~€15.9m) compared to an operating of profit of NOK298m (~€37.8m) in Q1 last year.

Revenues, however, were up 22% to NOK2360m (~€45.7m). REC says profits were heat by “reduced sales prices, expansion and ramp-up costs and increased depreciation on assets taken in use.”

Revenues for REC’s three business segments were:

• REC Silicon: NOK967m (~€122.8m), +2.1%
• REC Wafer: NOK1571 (~€199.4m), -1.1%
• REC Solar: NOK567m (~€72m), +46.1%

Outlook

REC says that ”the main uncertainty in the PV market for the remainder of the year relates to the effects of changes in renewable policies and solar energy incentive schemes in key markets, most notably Germany.”

Overall EBTIDA is expected to go down for the second quarter.