Oct 21, 2011 - Chinese Comtec Solar Systems Group (HKG:0712) reported today a preliminary net profit of CNY 5.1 million (USD 799,000/EUR 580,000) for the third quarter of 2011, compared to CNY 80 million a year earlier.
The monocrystalline wafer maker said that its performance during the three and the nine months through September had been hit by the debt crisis in Europe, volatile capital market and global economy, which put pressure on its margins.
Gross margin for the quarter stood at 10%, compared to 33.8% a year ago.
Revenue was CNY 256 million, down from CNY 280.4 million.
Comtec posted a net profit of CNY 106.8 million for the first nine months of the year and sales of CNY 830.7 million. It did not provide comparative figures.
As at September 30, the company had CNY 660.7 million in cash and cash equivalent.