DelSolar has released its approved audited 2010 financial results, showing considerable growth in its revenue from 2009. The company’s total revenue for 2010 was US$397 million, a 168.3% growth over 2009’s revenue. Also seeing an increase from 2009 figures was DelSolar’s net income, which was finalized at US$15 million.
The company stated that its revenue and profit margin growth in 2010 was strongly due to the beginning of the global economic recovery, coupled with increased demand for photovoltaic’s and incentive programs. Del Solar advised that its net profits were impacted by the long-term supply agreement that was signed with an international wafer supplier in 2006. As global wafer prices have become higher than market prices when the contract was signed, DelSolar and the supplier negotiated and signed an MOU in 2009, where related terms were replaced through the end of 2012.
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Looking to the future, DelSolar intends to continue increasing its production capacity. At the end of 2010, the company had a total cell capacity of 400MW, twice as much than DelSolar posted in 2009. By the end of 2011, it expects to reach 800MW and extend its product offerings to include modules and systems.