May 11, 2017 / 5:13 AM / 2 months ago

SMA operating profit drops as pricing pressure intensifies

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FRANKFURT, May 11 (Reuters) - SMA Solar, Germany's largest solar group, posted a 90-percent drop in first-quarter operating profit, pointing to a severe decline in prices that led panel-making peer SolarWorld to file for insolvency late on Wednesday.

"The first quarter of 2017 was shaped by high price pressure in all markets and segments in addition to poor weather conditions on key sales markets," Chief Executive Pierre-Pascal Urbon said in a statement on Thursday.

First-quarter earnings before interest and tax (EBIT) fell to 2.5 million euros ($2.72 million), down from 24.9 million euros in the year-earlier quarter, the company said.

$1 = 0.9201 euros Reporting by Christoph Steitz; Editing by Maria Sheahan

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