Monocrystalline solar wafer manufacturer Comtec Solar System Group has finalized and released their financial results for the 2010, posting record revenue and wafer shipment totals for the year. The company cites high demand and a better pricing environment led to their improved financial results. Revenue for 2010 was US$155.15 million (RMB1.02 billion), compared to 2009’s US$77.08 million (RMB506.8 million). Comtec’s total shipments, including sales and processing services, were 175.3MW in 2010, representing a year-long sales volume of 165.5MW – the company’s highest shipments in its history.
Comtec reports a gross profit of US$50.29 million (RMB330.6 million) in contrast to 2009’s figure of US$8.38 million (RMB55.1 million). Additionally, the group’s gross margin for 2010 escalated to 32.4% from 2009’s 10.9%. By the end of 2010, Comtec had expanded its annualized production capacity to 600MW and expects to continue their growth so that by the second half of 2011 they reach 1,000MW. Capital expenditures associated from the expansion would be around US$76 million (RMB500 million).
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“With our high-quality products, successful brand penetration, strong customer loyalties, powerful research and development capabilities and fast expanding capacity, we are confident in solidifying our leading position in the rapidly growing industry and further increasing our market shares,” said John Zhang, chairman and CEO of Comtec Solar. “Looking ahead, we will remain focused on our core wafer business where we have demonstrated solid track records and established competitive advantages.
“We believe such focus will best position our group in the fast growing and increasingly competitive market of solar products. With strong performance achieved in 2010 and solid strategies in place, we are confident to capture enormous opportunities in the upcoming era of clean and economical power of solar energy, to driving continued healthy growth for the Group in the future.”