First published in Quoted Cleantech, June 2010. Copyright Cleantech Investor Ltd. 2010

May proved to be this year’s worst month so far for quoted cleantech companies as many environmental technology firms saw their shares register double-digit losses.

The cleantech indices which we follow all showed large losses for the month as the equity markets in general dropped amid concerns about the future of the euro and government debt in several countries.

Among those shares that managed to hold up well in the midst of the turbulence were: Andritz, Aleo Solar, Nordex, Phoenix Solar and PV Crystallox Solar.

Austria’s Andritz saw its shares fall by only 4.7% during the month to €44.82 each after it reported a 7% decline in first quarter revenues to €732 million, although the firm’s net income actually increased to €29 million from €26 million in Q1 2009.The business, which supplies plants and services for the hydropower and biofuel sectors, as well as other industries, said that its order backlog had increased by 6% from a year earlier to €4.7 billion.

Aleo Solar enjoyed a 3.8% increase in its share price after the German solar module maker reported strong business during the first quarter. Revenues at Aleo were up 215% during Q1 2010 to €96.5 million, while EBIT (earnings before interest and taxes) came in at €11.5 million (compared to a €4.8 million loss in Q1 2009).

“We expect the second quarter to be just as strong,” said York zu Putlitz, Aleo’s CEO and CFO, who explained that an amendment to the German Renewable Energy Sources Act will pull forward orders for solar equipment ahead of 1 July this year.

Shares in Nordex fell by only 2.3% to €7.70 each, as the Hamburg-based wind turbine manufacturer announced it had broken even during the first quarter and was expecting a turnaround in order intake. During May, the company also announced orders for projects in Northern Ireland and Maryland, US.

Phoenix Solar’s shares ended the month at the same price they began it: €27.60. Soon after reporting record first quarter results, the German firm announced it was building three solar parks in Italy and Germany totalling approximately 21MW. Phoenix Solar’s revenues for Q1 2010 more than doubled to €80.4 million, while its EBIT increased to €4.6 million, from a loss of €7.4 million in Q1 2009.

Meanwhile, UK solar manufacturer PV Crystallox revealed an increase in demand for its products also associated with Germany’s forthcoming cut in feed-in tariffs. The company’s shares improved by 6.3% during the month to 50.5p each (see page 3).