Greentech Lead Asia: Chinese solar photovoltaic module maker ReneSola said the company has earned US$306.5 million in net revenue for Q4 2012, an increase of 40.5 percent fromUS$218.2 million in Q3 2012.
Q4 2012 gross profit was US$10.3 million with a gross margin of 3.3 percent, compared to gross loss of US$39.2 million with a gross margin of negative 18.0 percent in Q3 2012.
However, for the full year 2012 net revenues were US$969.1 million, a decrease of 1.6 percent from US$985.3 million in 2011.
Full year 2012 gross loss was US$35.7 million with a gross margin of negative 3.7 percent, compared to a gross profit of US$96.1 million with a gross margin of 9.7 percent in 2011.
ReneSola shipped solar wafer and modules with 713.2 megawatts (MW) in capacity, exceeding company guidance and representing an increase of 33.9 percent from 532.8 MW in Q3 2012. Total solar wafer and module shipments for the full year 2012 were a record 2.2 gigawatts (“GW”), in line with Company guidance and representing an increase of 70.6 percent from 1.3 GW for the full year 2011.
Although the company delivered record shipments in the fourth quarter, the selling prices for solar modules and wafers continued to decline as a result of the global supply-demand imbalance, directly impacting the revenue.
“The fast growth of our solar module business, driven by our proprietary Virtus technology, low production costs and global sales teams, contributed to a positive gross margin of 3.3 percent in the fourth quarter of 2012,” said Xianshou Li, ReneSola’s chief executive officer.
Last year ReneSola expanded its solar module business to several key markets, including Australia, the United States, India, China and across Europe. The company also continued to make progress with downstream products like Micro Replus microinverter, Li added.
ReneSola’s Japan subsidiary is now official, products to be listed in JPEC
In February ReneSola announced the launch of its Japanese subsidiary, ReneSola Japan. Established in October 2012, ReneSola Japan has applied for its products to be listed by the Japan Photovoltaic Expansion Center (JPEC) for eligibility to receive installation subsidies from the Japanese government.
ReneSola focuses on technologies that lower solar PV costs. With these, the company plans to improve margins and better position themselves in the competitive market. It will also invest in new technologies, Li said.
ReneSola also plans to offer residential PV solution, Li added.