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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Silicon wafers supplier PV Crystalox Solar more than doubled profits for the half year due to an increase in contracted silicon deliveries and firmer wafer pricing.

Pre-tax profit came in at €52.8m from €22.9m in the same period last year on sales that only increased 2% to €126.3m as there was no resumption of its trading activity. Sales of its core silicon production increased 36% to €126.1m.

The group said the trading activity business was conducted at very low margins and there is only a minimal effect on profits.

“During the second half of 2008 we expect to strengthen further our position through the finalising of two additional wafer supply agreements such that sales of more than 95% of currently planned wafer output will be contracted until end-2010,” said the group.

“Consequently, we believe that the Group is well placed to continue to play a significant role in the PV industry and look forward to the future with confidence,” it added.

Interim dividend was 2 euro cents per share versus nil in 2007.

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