Conergy Advances After First Profit Since 2010: Frankfurt Mover
Stock Chart for Conergy AG (CGYK)
Conergy AG (CGYK), a German solar-energy company, had its biggest gain in three months after posting its first operating profit in almost two years.
Conergy surged as much as 8.4 percent, the steepest intraday gain since May 24, after reporting earnings before interest, taxes, depreciation and amortization of 0.5 million euros ($620,000) in the second quarter. That was the first positive result since 2010.
“We continue to work hard on bringing Conergy back on track and the results are an important milestone on our way,” Chief Executive Officer Philip Comberg said in the statement. “It clearly shows that our strategic realignment and improved cost structures yield results.”
Conergy, once Germany’s largest solar company, and its domestic counterparts are under pressure as subsidies fall at home amid competition from Chinese rivals that has depressed margins and panel prices.
Conergy, based in Hamburg, has been cutting jobs, halting production of wafers and cells, and focusing on end-product modules, power-plant development and services in a bid to become profitable.
The shares were up 3.4 percent at 49 euro cents as of 9:40 a.m. local time, valuing the company at 78.8 million euros.
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