CSun posts $13.2m Q3 net loss
China Sunergy (CSun) recorded a net loss of $13.2m in the three months to the end of September, from $1.4m in the preceding quarter, as working capital restraints weighed on revenue and shipments.
Revenue declined 20.6% on the quarter to $57.1m, as shipments fell 13.7MW from the April-June period to 112.7MW. Average selling prices (ASPs) for its panels slid 1.6% on the quarter to $0.62 per watt.
A temporary shortage of working capital forced the Nanjing-based company to produce more panels as an original equipment manufacturer (OEM), further weighing on shipments, chief executive Stephen Cai said in an online statement.
However, recent efforts by the Chinese authorities to ease credit access for PV manufacturers bode well for the fourth quarter, he said.
CSun is targeting 158MW to 168MW of shipments in the fourth quarter, on expectations that working capital constraints will ease. It lifted its full-year target to between 500MW and 510MW, from 440MW to 480MW.
In October, CSun delivered 66kW of its modules for installation on the roof of a school in Istanbul, marking its first order in Turkey since opening a plant there last May. The factory boasts a module capacity of 300MW and a cell capacity of 100MW.
Recharge has since learned that the company plans to open more plants in South Africa and Brazil.