Comtec Solar posts 48.1% Y/Y rise in H1 net profit
Aug 18, 2011 - Chinese monocrystalline wafer maker Comtec Solar Systems Group (HKG:0712) reported a net profit of CNY 101.6 million (USD 16m/EUR 11m) for the first half of 2011, up 48.1% on the year.
Gross profit margin was 23.6%, compared to 22.8%.
Comtec Solar saw its revenue for the period rise by 33.9% year-on-year to CNY 574.7 million, on the back of enhanced sales volume. Sales to customers in China and Taiwan accounted for 92.9% of the total.
The company shipped 109.4 MW of monocrystalline solar products, 28.3% more than a year before, due to improved customer demand.
Average unit cost for polysilicon during the six months through June was CNY 404.6 per kg, up from CNY 340.7 per kg a year earlier.
Comtec Solar said it intended to grow its capacity to 1,400 MW within the first six months of 2012.