China Sunergy’s net loss expands to USD 12.2m in Q1 2015

Solar cell and module maker China Sunergy Co Ltd (NASDAQ:CSUN) on Monday said its attributable net loss has widened to USD 12.2 million (EUR 10.9m) in the opening quarter of 2015 due to foreign exchange losses.

The result compares to deficits of USD 10 million in October-December 2014 and USD 14.7 million in the first quarter of last year. Although Sunergy managed to lower its operating expenses by some 40% quarter-on-quarter, the depreciation of Chinese yuan, the euro and the Turkish lira against the US dollar had a negative impact on its bottom line result.

Meanwhile, China Sunergy’s first-quarter gross margin jumped to 11.3% from just 4.1% in the closing quarter of 2014 thanks to higher shipments of self-branded modules and lower material costs.

Revenues for the reporting period grew to USD 91.5 million from USD 62.7 million in annual terms. On a quarter-on-quarter basis, however, they fell from USD 126.7 million. The main reason for the decrease is a 37.3% drop in China Sunergy’s shipments to 191.9 MW over the last three-month period on account of fewer orders from China and Europe. The volume included 161.6 MW of modules and 30.3 MW of cells.

In January-March 2015, China accounted for 32.6% of the company’s revenues, while Japan brought 21.8%. India ended up with a 23% share, surpassing those of both the European and the North American markets.

(USD 1.0 = EUR 0.893)

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