Comtec records Q1 net profit of ¥83.5 million

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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.

“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.”

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