China Sunergy cuts Q1 net loss to USD 14.7m

May 28, 2014 - Solar cell and module maker China Sunergy Co Ltd (NASDAQ:CSUN) said today it had reduced its first-quarter attributable net loss to USD 14.7 million (EUR 10.8m) from USD 22.9 million a year back.

The company’s loss from operations shrunk to USD 7.8 million from USD 15 million and gross margin increased to 3.7% from 0.4%. This year-on-year rise of over 300 basis points is attributed to the expansion of Sunergy’s presence in Japan, the profitability of its Turkish manufacturing plant and the sustained operating scale with original equipment manufacturer (OEM) arrangements, CEO Stephen Cai said in a press release.

Total revenue for the first three months of 2014 went up by 1.6% to USD 62.7 million, with sales in Asia accounting for 63.5% of the total amount. Japan was the largest revenue contributor of all countries with shipments more than doubling to 31.2 MW. In total, group shipments rose by 36.8% to 140.2 MW, of which 100.5 MW were module shipments, including OEM arrangements.

The average selling price (ASP) for Sunergy’s solar modules, excluding OEM arrangements, went up by 11.9% quarter-on-quarter to USD 0.66 per watt again due to the increased shipments to higher-priced markets like Japan and France.

(USD 1.0 = EUR 0.735)

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