Solar products maker China Sunergy Co Ltd (NASDAQ:CSUN) saw its attributable net loss for the third quarter (Q3) of 2014 widen to USD 25.6 million (EUR 22.9m) after revenues dropped 28.5% quarter-on-quarter to USD 63.3 million.
For comparison, in the second quarter of the year the company posted a loss of USD 5.7 million, while a year before the result was negative at USD 13.2 million, according to a statement on Friday.
China Sunergy turned to a gross loss of USD 2.4 million in July-September 2014 from a USD-5.5-million profit in the second quarter the year. Q3 2014 gross margin thus swung to a negative 3.8% from 6.2%, hurt by lower revenues and higher cost of sales.
Third-quarter shipments fell by 25.3% to 137.8 MW, including 76.2 MW of modules and 61.6 MW of cells. The decrease came as a result of fewer shipments to France and India. The revenue contribution from separate markets can be seen in the table below: