Monocrystalline wafer manufacturer Comtec Solar Systems has recorded ¥83.5 million (US$12.8 million) net profit during the first quarter of 2011. This was a huge 311.1% rise on the Q1 2010 number and highlighted an impressive set of unaudited figures for the opening three months of the year.
Total turnover for the Chinese firm over the period came in at ¥317.9 million (US$48.7 million) – a 60.3% rise on the 2010 figure – with a gross profit margin of 30.5%. This strong financial performance was chiefly driven by rising demand and prices for Comtec’s wafers, with the former being aided by increased production capacity.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
“Following the outstanding results in Q4 2010, the group continues to deliver excellent performance,” Comtec’s CEO, John Zhang, said. “Our experienced management and strong R&D team has continuously secured strong demand for our high-quality wafers while we are able to keep production costs very competitive. This enables us to maintain strong profit margin with the strong market demand and our fast expanding capacity, we look forward to achieving excellent performance in 2011.”