Comtec Solar net profit grows to USD 12m in Q3 2010
(ADPnews) - Oct 14, 2010 - Chinese monocrystalline wafer maker Comtec Solar Systems Group (HKG:0712) said on Tuesday its third-quarter net profit grew to CNY 80 million (USD 12m/EUR 8.6m), driven by strong demand for wafers.
The result was also helped by increased shipment volumes, higher wafers prices and control on production expenses, the company said.
The company did not provide comparative figures for the corresponding period a year earlier.
Revenue reached CNY 280.4 million, while net cash at September 30 stood at CNY 299.5 million.
Comtec said that suppliers forecast strong solar module demand in 2011 and firm pricing, according to UBS reports, which also project a 17% year-on-year rise in solar demand to 19 GW in the coming year.
The company expects solid sales performance in the second quarter with demand for wafers seen to remain firm.