CSun losses worsen to $23m
China Sunergy (CSun) reported a $22.9m net loss in the first quarter, from a $9.6m loss a year earlier, as sliding module prices continued to erode earnings.
The Nanjing-based PV cell and panel maker’s revenue rose 13.4% to $61.7m, from $54.4m in the previous quarter. The average selling price of its modules fell 7.8% from the fourth quarter of 2012 to $0.59 per watt.
“Revenue growth, while desirable, is not our highest priority,” says chief executive Stephen Cai, adding that the company will focus on the downstream sector and emerging-market expansion for the rest of the year.
CSun’s combined cell and panel shipments reached 102.5MW, up 30.7% from 78.4MW in the previous quarter. Total module shipments hit 98.3MW. It expects to move 100-110MW in the second quarter, while slightly reducing its full-year shipment target from 550-600MW to between 500MW and 550MW.
The Nasdaq-listed manufacturer’s largest market, France, accounted for 25.6% of its quarterly revenue. Germany was its second-biggest export destination, followed by India and Japan.
Earlier this year, CSun launched production at a 150MW module plant in Istanbul, Turkey, as part of efforts to expand in the Middle East and cope with EU anti-dumping measures against Chinese PV kit.