China Sunergy posts better performance for Q2

Tue. August 26, 2008; Posted: 03:01 AM

BEIJING, Aug 26, 2008 (Xinhua via COMTEX) -- CSUN | Quote | Chart | News | PowerRating -- China Sunergy Co., Ltd. (CSUN.Nasdaq) has reported 3.1 million U.S. dollars of net income for the second quarter of 2008, compared with 3.5 million U.S. dollars of net loss in the second quarter of 2007 and 0.5 million U.S. dollars of net income in the first quarter this year.

Meanwhile, the gross profit of the company amounted to 11.6 million U.S. dollars in Q2, up from 2.8 million U.S. dollars in Q2 of 2007 and 7.1 million U.S. dollars in Q1 of 2008. Its gross margin hit 10.4 percent in Q2 of 2008, up from 9.2 percent in the previous quarter.

The solar cell maker realized 111.6 million U.S. dollars of revenues in the period, with year-on-year and quarter-on-quarter increase at 98.6 percent and 44.9 percent, respectively.

China Sunergy produced 32.8 MW of solar cells from April to June with shipment of solar power products totaling 35 MW or a 45.8 percent growth from the first quarter.

Facing challenges of wafer costs and wafer quality in the second half of 2008, China Sunergy maintains 125-145 MW of annual production target including 55-75 MW of high efficiency cell products.

China Sunergy expects to have a total annual production capacity of 320 MW by yearend 2008 with four new production lines to come into lot production in the fourth quarter.

The company forecasts 9.0-11.0 percent gross margin in the third quarter of 2008, on production of 35-37 MW of solar cell products.

Gross margin is expected to strengthen from early 2009 due to improved terms of supply, advanced operational and production efficiencies and anticipated drop of wafer costs, according to China Sunergy.

For full details on China Sunergy Co Ltd (CSUN) click here. China Sunergy Co Ltd (CSUN) has Short Term PowerRatings of 6. Details on China Sunergy Co Ltd (CSUN) Short Term PowerRatings is available at This Link.

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