Neo Solar’s net loss expands to USD 11m

Taiwanese firm Neo Solar Power Corp (TPE:3576), or NSP, reported a net loss of some TWD 371 million (USD 11.3m/EUR 10.5m) for the third quarter of 2015.

In comparison, the solar cell and module maker booked a total comprehensive loss attributable to stockholders of TWD 52.7 million in the same three months of 2014. The firm explained that the main factors to negatively influence its bottom line during the period were certain capacity relocation expenses in Southeast Asia coupled with an impairment loss of financial assets and other allowances.

Neo Solar’s gross margin improved significantly to 5% in the quarter through September 2015 from a negative 3.32% in the previous three-month period. The main reason for that was an increase in average selling prices (APS), which started around July, the company noted in its financial statement.

NSP’s third-quarter 2015 net revenues amounted to TWD 5.59 billion, decreasing from TWD 5.89 billion the previous year. Looking forward, the Taiwanese photovoltaics (PV) maker expects sales to go up thanks to higher shipments to the US following the completion of its relocation in January next year. Both demand and ASP for solar cells are also expected to grow in the fourth quarter, the firm noted.

(TWD 1 = USD 0.305/EUR 0.284)

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