Monocrystalline wafer producer Comtec Solar Systems Group has reported first half year financial results that included a shift to the production of larger wafers to meet demand from US-based customer Mission Solar.
Comtec said that meeting N-type monocrystalline wafer demand from Mission Solar resulted in a shift from production of traditional 125mm x 125mm wafers to standard industry size 156mm x 156mm wafers in the first half of the year at its Malaysian production plant.
The company reported that revenue from sales of the smaller mono wafer size decreased by RMB71.5 million (US$11.2 million), or 23.6%, from RMB302.8 million in the first half of 2014 to RMB231.3 million (US$36.3 million) in the first half of 2015.
In contrast, revenue from the larger mono wafer size increased 731.6% from the prior year period, while sales volume increased 688.7%.
Comtech had larger sized wafer sales of RMB79.0 million (US$12.4 million) in the first half of 2015, compared to only US$1.5 million in the prior year period. Shipments totalled 48.9MW, compared to 6.2MW in the first half of 2014. ASP was US$0.25/W, up from US$0.24/W in the prior year period.
Total wafer shipments volume increased by 4.0% from 190.1MW in first half of 2014 to 197.7MW in the first half of 2015.
Revenue in the reporting period increased 8.8% to RMB566.0 million (US$88.9 million). Other revenue was mainly generated from sales of excess polysilicon inventory totalling RMB255.2 million (US$40 million) in the first half of the year.
However, it generated a net loss for the reporting period of RMB204.0 million (US$32 million), compared to a profit of US$471,268.0 in the prior year period. Comtec said the loss was primarily due to the impairment losses on payment advances to suppliers and prepaid assignment fees of approximately RMB123.0 million and the non-cash share-based payment expenses of approximately RMB38.6 million.
Comtec reiterated that it was still in the process of obtaining qualification with two US headquartered potential customers and was in discussions with further potential customers in Japan, South Korea and Taiwan.
However, the company also noted that its largest customer with operations located in the Philippines only accounted for only 38.9% of our total revenue in the reporting period, compared to 50.8% in the first half of 2014.