ReneSola revenue for 1Q 2013 deceases by 7.3% from previous quarter

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Greentech Lead Asia: ReneSola has reported net revenues of US$284.2 million in 1Q 2013, a decrease of 7.3 percent fromUS$306.5 million in Q4 2012.

Total solar wafer and module shipments in Q1 2013 were 662.1 megawatts representing a decrease of 7.2 percent from 713.2 MW in Q4 2012.

Q1 2013 gross loss was US$5.6 million with a gross margin of negative 2.0 percent, compared to a gross profit of US$10.3 million with a gross margin of 3.3 percent in Q4 2012.

Q1 2013 net loss was US$39.0 million, representing basic and diluted loss per share of US$0.23 and basic and diluted loss per American depositary share (“ADS”) of US$0.45.

“Over the past year, we have worked hard to transform our company into a leading global solar brand and technology leader,” said Xianshou Li, ReneSola’s chief executive officer. “With vigorous sales and marketing efforts, we have expanded our module business in several key markets, including the United Kingdom, Germany, France, the United States, Australia, India and Japan.”

ReneSola has also been pushing their R&D with downstream products like AC module and small-scale storage system.

Recently ReneSola announced that TUV Nord, a leading German industry-certification body, has accredited the company’s PV modules as suitable for the Middle East climate.

“Although we are seeing the solar market stabilize, a persistent demand-supply imbalance, coupled with competitive pricing, continues to impact our business and the overall industry. Despite this challenging macro environment, we will continue to invest in technologies that help reduce cost and improve efficiency in order to grow our business and gain new global market share,” Li added.

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