China Sunergy’s shipments spike in third quarter of 2015

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SUN reported total shipments of 308.9MW, an increase of 67.4% (124.4MW) from 184.5MW in the second quarter of 2015.

PV module manufacturer China Sunergy (CSUN) reported a strong recovery in total shipments and revenue for the third quarter of 2015, driven by strong module demand in China. 

CSUN reported total shipments of 308.9MW, an increase of 67.4% (124.4MW) from 184.5MW in the second quarter of 2015.

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Module shipments, including modules processed under OEM arrangement of 54.3MW, were 208.4MW. Solar cell shipments, including cell processed under OEM arrangements of 6.1MW, were 100.5MW in the third quarter of 2015. 

The total shipments to China increased to 195.5MW in the quarter, compared with 48.2MW in the previous quarter. 

PV module ASP (excluding OEM arrangements), was US$0.52/W compared with US$0.58/W in the second quarter of 2015.

Total revenue was US$111.1 million in the third quarter of 2015, an increase of 27.0% from US$87.5 million in the second quarter of 2015. 

Self-branded product sales totalled US$107.3 million, while revenue related to OEM arrangement was US$2.6 million.

Sales revenue derived from Asian market accounted for 72.9% of total revenue in the third quarter of 2015, of which 52.0% of total revenue was generated from China and 9.8% of total revenue was derived from India.

Sales to European and American markets represented 17.0% and 8.5% of total revenue in the quarter, while sales revenue contributed by Asia, Europe and America as percentage of total revenue was 39.3%, 25.2% and 34.4%, respectively in the quarter ended June 30, 2015.

Gross profit in the quarter was US$3.3 million and gross margin was 2.9%, compared with gross profit of US$6.1 million on gross margin of 6.9% in the second quarter of 2015. Net loss was US$21.6 million. Cash, cash equivalents and restricted cash totalled US$120.4 million at the end of the third quarter of 2015. 

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