CSun posts $13.2m Q3 net loss

Workers on the module assembly line at the CSun plant in Istanbul

CSun has raised its full-year shipment target to 500MW to 510MW, from 440MW to 480MW.

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. Log in to read complete article.

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