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Tax break uncertainty knocks Solar Integrated
Thu, 02 Sep, 2010
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Tax break uncertainty knocks Solar Integrated
Tue, 23 Sep 2008, 07:36:00
Solar panel group <b>Solar Integrated</b> has cut its revenue estimates for this year due to uncertainty over the future of US tax breaks on solar roofing.<br /><br />Solar has lost $40m of orders, of which $20m may fall into 2009 if the tax break is extended, due to the possibility of the tax credit being cut from 30% to 10% if a project is not finished in 2008. It now expects 2008 revenue to be between $100m to $120m, some 50% growth over 2007. <br /><br />The firm added it now expects to achieve profitability on a full-year consolidated basis (excluding the effect of any non-cash fair value accounting) in 2009.<br /><br />In the six months to June, Solar posted a net loss of $5.1m, down from a loss of $11.5m, on revenues of $42.8m up from $23.8m. The growth in sales reflected was drive by European solar markets, new market penetration, new customer penetration and repeat business, it said.
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