Reuters: Global Markets: Meyer Burger sees overcast solar market

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Meyer Burger sees overcast solar market Mar 22nd 2012, 12:53 ZURICH | Thu Mar 22, 2012 8:53am EDT ZURICH (Reuters) - Swiss solar equipment maker Meyer Burger (MBTN.S) said on Thursday it expects the outlook for the industry to remain poor after profit tumbled 63 percent last year, hit by a writedown related to the acquisition of a German peer. The maker of production equipment for solar cells said full-year profit fell to 35.8 million Swiss francs ($39.16 million) from 97.9 million in 2010. It took a 107 million Swiss franc writedown linked to its acquisition of Roth & Rau. Meyer Burger bought Roth & Rau after Japan's nuclear disaster last year, when solar stocks were soaring as governments pledged more cash for the renewable energy industry. Its shares have dropped almost 70 percent since a high at the end of April. "In view of the continuing challenging market situation in photovoltaics and despite a good order backlog, Meyer Burger remains cautions for 2012," the company said. Solar companies in Europe and the United States have grappled with a toxic mix of overcapacity, falling prices, low-cost Asian competition and lower government subsidies on which much of the industry depends. Germany's SolarWorld (SWVG.DE) said earlier on Thursday it aims to return to profit on an operating level this year, after massive declines in module prices and factory closures led it to post a 299 million euro ($394.4 million) net loss in 2011. "Our cautious investment case based on substantial overcapacity in the industry has been fully confirmed and will take its toll in full-year 2012," said Vontobel analyst Michael Foeth. By 1221 GMT, shares in Meyer Burger were down 4.7 percent, underperforming a 1.5 percent weaker Swiss index. .SMIM ($1=0.9142 Swiss francs) ($1 = 0.7582 euros) (Reporting by Caroline Copley; Editing by Mike Nesbit and Erica Billingham) Link this Share this Digg this Email Reprints

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