CSun narrows loss, cuts forecast
China Sunergy’s (CSun) narrowed its loss in its latest quarterly financial results but cut its full-year shipment forecast.
CSun’s $1.4m net loss in its second quarter ending Junemarked a sharp improvement over the $22.9m deficit it recorded in the preceding three months, with its shipments of PV modules rising 23.3% to 126.4MW.
The company expects module shipments to reach 110MW in the third quarter.
It lowered its full-year shipment target from 500-550MW to 440-480MW, partly due to a credit squeeze throughout China’s solar industry and related working capital constraints.
The Nanjing-based PV cell and panel maker’s revenue grew 16.5% on the quarter to $71.9m.
CSun chief executive Stephen Cai attributed the stronger results to a number of “positive takeaways” including "near-term positive momentum” in the global solar industry and "favourable government policies.”
In addition, he pointed to a jump in average selling prices (ASPs) for the company's PV modules from $0.59 in the first three months of the fiscal year to $0.63 per watt.
CSun is likely to continue to benefit from strong demand for its PV modules in Europe, with Germany alone accounting for 29.1% of its second-quarter revenue.
France is CSun’s second biggest market, accounting for 28.4% of revenue in the second quarter. Roughly 10.3% of its revenue came from China, followed by Japan at 7.7%.
In August, it secured a 9.9MW order from its new factory in Turkey from Spanish EPC specialist Bester Generacion.
CSun started shipping panels from the plant in Istanbul in June.