During the quarter, the solar energy solutions firm, grew gross margins to 29% from 13% in Q2/19. EBITDA results improved 34%, and net loss decreased 68% year over year (YOY).
As for cost, UGE lowered sales, general and administrative expenses 35% since Q3/18 after downsizing less profitable aspects of the company. Net finance costs also decreased YOY, by 69%, after UGE paid off most of its debt in late 2018.
Regarding projects in UGE's queue, they continue to increase and amounted to $31.1 million worth at the end of Q3/19. Ninety-four percent of those are in the U.S. and the Philippines, UGE's growth markets.
Overall in Q3/19, the release noted, "UGE showed continued progress in its transition towards higher margin, self-developed projects in the U.S. and Philippines." The company states it expects revenue growth to ramp up in the near future from the 27 projects whose installation began during the previous quarter, Q2/19.[NLINSERT]
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