Conergy AG, Germany's largest solar- power company, slid to a record low in Frankfurt trading after reporting a 194 million-euro ($284 million) net loss for 2007.
Conergy fell as much as 4.57 euros, or 26 percent, to 12.73 euros, the lowest since the stock began trading in March 2005. It was at 14.37 euros by 9:57 a.m. local time. The shares are down 43 percent so far this year.
The company's full-year loss compares with an 8 million- euro profit a year earlier, Hamburg-based Conergy said late yesterday in an OTS statement. It plans a capital increase of about 250 million euros this year to help it repay short-term loans.
``The first point is that we have cleaned our balance sheet, we're getting more conservative,'' Chief Executive Officer Dieter Ammer said today in a telephone interview. Ammer said profit was hurt by the company being unable to buy all of the solar modules it needed.
The management board expects negative results of ``substantial double-digit millions'' in 2008, Conergy said. Sales are expected to rise to more than 1 billion euros. Under new accounting rules and reflecting discontinued operations, Conergy reported revenue of 712 million euros for 2007, up from 682 million euros the previous year....MORE
