PV module manufacturer ReneSola has reported increased profits and a higher margin in its Q2 2014 results.
Revenue was US$387.1 million compared to US$377.4 million in the same period last year. Profit was US$56.9 million, with a margin of 14.7%, up on US$30.4 million and a margin of 8% in Q2 2013.
Module shipments were 498.7MW, up on 434.1MW in Q2 last year.
“The current international business environment for Chinese solar manufacturers is becoming more challenging, with an increasing number of trade cases in different regions around the world,” said Xianshou Li, CEO, ReneSola.
“However, having positioned ourselves as a global player, we are able to leverage our differentiated business model, which comprises robust and localised international operations and an extensive international manufacturing network through our OEM partnerships across the globe and generates 1.1 GW of module capacity from 11 factories in 7 countries.
“Our globalised structure enables us to adapt to demand changes quickly, be they the result of market forces or changes in trade policies. Continued investment in our global network has yielded new client wins and industry recognition for our wide range of solar products,” added Li.
The company cited savings from its polysilicon plant resuming 100% operation and the increased use of wafers for internal use as a contributing factor to its results.
Guidance for Q3 2014 was announced as 530-550MW and a margin of 15-17%.