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Phoenix Solar Posts First Quarterly Profit Since 2010

Nov. 7 (Bloomberg) -- Phoenix Solar AG recorded a quarterly profit for the first time in almost three years as the solar-plant developer focused on growing markets in the U.S. and Asia.

Phoenix reported net income of 200,000 euros ($270,400) in the third quarter, compared with a loss of 5.8 million euros a year earlier, the Sulzemoos, Germany-based company said today in an e-mailed statement. It forecast a full-year loss before interest and taxes of 2 million euros to 7 million euros.

“We will most certainly be closer to the ‘better’ Ebit result of minus 2 million,” Chief Executive Officer Bernd Koehler said in a letter to shareholders. He advised “caution,” saying Phoenix is increasingly dependent on its project business and must generate more stable sales while a recovery in European markets remains elusive.

Phoenix fell as much as 6.9 percent in Frankfurt, and was down 6.6 percent at 5.958 euros as of 10:53 a.m. local time.

The company’s non-German units accounted for 83 percent of sales in the first nine months of the year, it said.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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