Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK527 million in the first quarter 2009, a decline of 29` from NOK742 million in the first quarter of 2008. The EBITDA margin of 26% in the first quarter 2009 compares with 42% in the same quarter last year. The EBITDA margin was negatively affected by external sourcing of polysilicon, higher expansion and ramp-up costs, and a build-up of module inventory.
REC reported positive net financial items of NOK298 million in the first quarter, compared to a negative NOK251 million in the first quarter 2008.
Profit before tax thus increased to NOK600 million in the first quarter 2009, from NOK327 million in the first quarter 2008.
Earnings per share were NOK0.80 in the first quarter 2009. This compares to NOK0.43 in the first quarter 2008, on both a basic and diluted basis.
