CEO says Norwegian REC Reports Strong Operational Performance

Norwegian solar power company Renewable Energy Corporation (REC) has never had a better operational performance than at present said CEO Ole Enger during the presentation of the company’s interim report.
According to Norwegian news wire Six News Norge, Enger said “We have already achieved the goals we have set for 2011.”
In 2010, REC announced targets to reduce its cost by 30 gto 35% in Singapore and by 20% in Norway.
According to the chief executive, the goals were deemed to be quite offensive by analysts and other players, yet REC had already fulfilled them.
REC moved to a pretax loss from continuing operations of NOK6.287bn in the second quarter of 2011, on the back of huge write-downs. In the second quarter if 2010, REC posted a pretax profit from continuing operations of NOK866m. However, the company believes that after a weak second quarter, market conditions will improve in the second half of 2010.
The share on REC jumped 10.13% to NOK9.14 in Oslo trading yesterday.
(EUR1 = NOK7.8)

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