China Sunergy Company Ltd. (Nanjing, China) has released financial results for the third quarter of 2012, reporting a 46% sequential decline in revenues to USD 59.5 million, with a 45% fall in shipments.

The company also reported a -47% operating margin and a net loss of USD 23.2 million. However, China Sunergy reports successful geographical diversification during the quarter, with a greater share of revenues coming from markets including Australia, France and Japan.

"In spite of a challenging market environment, our financial performance of this quarter remained in line with expectations, and the company has performed solidly in managing costs and cash flow," stated China Sunergy CEO Stephen Cai.

"We believe that the quarter marked a turning point for China Sunergy, as we continued diversifying our end markets, forming new partnerships with strong customers, and gradually transforming ourselves from a pure manufacturer to a downstream solar solutions provider."

ASPs, costs fall in 3Q

During the quarter China Sunergy reported a 5.3% sequential decrease in average selling prices to USD 0.71 per watt for its solar photovoltaic (PV) modules. Production costs have also fallen, with the company reporting a USD 0.17 per watt conversion cost for PV cells and a USD 0.23 per watt cost for modules.

Additionally, China Sunergy announced that its QSAR PV cell efficiency has increased to 19.0% in the third quarter of 2012.

Shipments decline as new deals inked

During the quarter shipments fell to 82.5 MW, including 81.9 MW of PV modules, which was consistent with the company's guidance of between 80 and 85 MW.

However, despite this fall in shipments, the company expanded in a number of markets including Australia, where it signed a 7.8 MW sales contract with Urban Group.

The company also secured 50 MW in sales to its partner V2M in Eastern Europe, and shipped 72 kW of multi-crystalline PV modules in September 2012 to Carillion Construction in Dubai.

2012-11-29 | Courtesy: China Sunergy | solarserver.com © Heindl Server GmbH

Our editorial selection of breaking solar news is published at:
www.solarserver.com/solar-magazine/solar-news/top-solar-news.html