CSun's shipments spike 48% in 2013

China Sunergy (CSun) shipped 577.4MW of PV modules in 2013, up 47.7% on the year, as Asia overtook Europe as its largest source of demand.

Asia became the PV cell and panel maker's biggest market in 2013, with China accounting for 56.3% of total revenues in the fourth quarter and Japan for 7.1%.

For 2013 as a whole, Europe, led by the German and French markets, accounted for 47.2% of CSun’s total revenues, down nearly 24% on its 2012 share.

The Nanjing-based company’s panel shipments rose 109.2% in the fourth quarter to 235.8MW, when compared to the preceding three months, pushing up revenue 119.8% to $125.5m.

CSun's Q4 net loss was $13.2m – unchanged from the prior quarter.

It posted a $50.6m net loss in the 12 months to 31 December, despite an 8% jump in revenue from a year earlier to $316.2m. That was down from a $133.6m deficit for 2012.

The Nasdaq-listed manufacturer produced roughly 20.9MW of panels as an OEM supplier in the last three months of the year.

"Our shift to more OEM arrangements drove better-than-expected total shipments,” said CSun chief executive Stephen Cai in an online statement.

The company expects to ship 130MW-140MW of modules in the first quarter of 2014 and 750MW-800MW for the full year.