China Sunergy’s solar module sales jump in US

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CSUN reported revenue from the US accounted for 34.4% of total revenue (US$87.5 million) in its fiscal second quarter 2015 results.

Struggling PV manufacturer China Sunergy (CSUN) experienced a significant increase in shipments and revenue from the US in its fiscal second quarter financial results. 

CSUN reported revenue from the US accounted for 34.4% of total revenue (US$87.5 million) in its fiscal second quarter 2015 results, compared to 10% of total revenue (US$91.5 million) in the previous quarter. 

However, overall revenue was down 4.3% quarter-on-quarter due to shipments falling to 184.5MW, down 3.8% from 191.9MW in the first fiscal quarter of 2015.

Self-branded module ASPs in the quarter were US$0.58/W, unchanged from the previous quarter. ASPs for self-branded cells during the quarter were US$0.26/W, compared to US$0.27/W in the previous quarter. 

Gross profit for the quarter was US$6.1 million, while Comtec reported a gross margin of 6.9%, compared to gross profit of US$10.3 million and a gross margin of 11.3% for the first fiscal quarter of 2015.

Net loss attributable to ordinary shareholders was US$10.5 million, compared with US$12.2 million in the first quarter of 2015. Cash, cash equivalents and restricted cash totalled US$148.5 million as of June 30, 2015. 

CSUN reported that the Asian market accounted for 39.3% of total revenue in the second, while sales to the European market represented 25.2% of total revenue.

The company did not provide guidance figures. 

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