China Sunergy’s revenue grows 16.5 percent sequentially in 2Q 2013

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China Sunergy, a specialized solar cell and module manufacturer, has reported total revenue of US$71.9 million, an increase of 16.5 percent from US$61.7 million in the first quarter of 2013.

Shipments totaled 126.4MW, an increase of 23.3 percent (23.9MW) from 102.5MW in the first quarter of 2013.

Module shipments including 25.7MW module processed under OEM arrangements were 125.1MW, or 99.0 percent of total shipments.

Stephen Cai CEO China Sunergy

Average selling price (ASP) for the Company’s solar modules was US$0.63 per watt, an increase of 6.8 percent fromUS$0.59 in the first quarter of 2013.

Gross profit was US$6.7 million, and gross margin was 9.3 percent, compared with gross profit of US$0.3 million and gross margin of 0.4 percent in the first quarter of 2013.

Net loss attributable to ordinary shareholders narrowed significantly to US$1.4 million, from US$22.9 million in the preceding quarter.

Stephen Cai, CEO of China Sunergy, said, the company has recorded better-than-expected revenue and shipment volume, and significantly improved operating profitability. “Leveraging on our Turkey manufacturing plant, we further expanded sales in Europe and emerging markets.”

“At the same time, the solar market showed some near-term positive momentum, with a sequential improvement in ASP and spot prices for wafers and modules, and a surge in demand stimulated by a series of favorable government policies and plans around the world,” Cai added.

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