Nov 24, 2014 - Chinese company Trina Solar Ltd’s (NYSE:TSL) net profit climbed to USD 10.6 million (EUR 8.6m) in the third quarter of 2014 and would have been even higher if not for a USD-16.3-million unrealised foreign exchange loss.
The photovoltaics (PV) maker today said the bottom line compares to profits of USD 10.3 million in the second quarter of 2014 and USD 9.9 million in the third one of 2013. Excluding the currency effects, the company could have reported a profit of USD 26.9 million.
During the July-September period, Trina boosted its gross margin to 16.7% from 15.4% a quarter ago as a result of higher shipments to Japan and lower shipments to the US, trimmed in-house manufacturing expenses and other factors.
Revenue grew by 18.8% quarter-on-quarter and 12.5% year-on-year to USD 616.8 million, after external shipments reached 936.8 MW.
Total shipments, including 127 MW for own projects that do not bring revenue under GAAP, rose to 1,063.8 MW from 943.3 MW in the second quarter of 2014 and from 774.6 MW in the third of 2013. The jump followed higher demand from Japan, the US and other markets.
By the end of this year, Trina expects to bring its ingot production capacity to 2.2 GW, boost wafer manufacturing to 1.7 GW and reach PV cell capacity of 3 GW. Between September and December its module manufacturing capacity will be increased to 3.8 GW from 3.6 GW.