Trina Solar has reported increased profits and revenues in its Q1 results largely due to higher average selling prices (ASPs).
The company said profit for Q1 2014 was US$26 million, compared to a loss of US$63 million in the same period last year. Profit in the previous quarter was US$15.5 million.
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“We have made further progress adjusting our sales mix to achieve relatively stable ASP in spite of the general downward trend in prices,” said Jifan Gao, chairman and CEO, Trina Solar. “This is critical to our sustainable growth and long-term profitability. In this quarter, our shipments to high ASP regions, such as Japan, grew significantly, accounting for 30% of our total external shipments,” he added.
Shipments for the quarter were 558MW.
The company also estimated that its expanded module capacity would reach 3.8GW and cell capacity 3.0GW by the end of the year.
“We are conscious of the importance of balancing the pace of our growth with our commitment to developing superior products if we are to maintain long-term success. Given the highly competitive nature of the global market, it is essential for us to focus on what are the critical drivers for future growth. Innovation, product development and the pursuit of superior quality remain the cornerstones of our business,” said Gao.
Second quarter guidance was 950MW to 1,010MW of shipments of which it expected 150MW to 170MW to go to its own projects.
Trina said it was continuing to look for project opportunities inside and out of China.
The work on the first 90MW of a 1GW contract with the local government with Turpan Prefecture in June.