FRANKFURT May 11 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)