Integrated monocrystalline PV manufacturer, Solargiga Energy Holdings, reported an increase in revenue of 33.2% in 2014 and reduced losses, compared to the previous year.
Solargiga generated revenue of RMB2.86 billion (US$462.2 million) in 2014, compared to US$346.8 million in the previous year.
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In 2014, the group recorded operating profit of RMB171.085 million (US$27.5 million), compared to an operating loss of RMB39.70 million (US$6.4 million) in 2013.
The company reported gross profit margin of 12.7%, compared to 7% in the 2013 and a profit from operations of RMB171.085 million (US$27.6 million), compared to a loss from operations of RMB39.704 million in 2013.
Net loss for the year was RMB60.3 million (US$9.7 million), compared to a net loss of RMB116.5 million in 2013.
Shipment volume was 1,016.43MW in 2014, up 39.5% from approximately 728.81MW in 2013.
The annual production capacity of silicon ingots was 1.2GW at the end of 2014 and wafer capacity stood at 900MW.
Solargiga noted that silicon ingot production started to gradually shift from p-type to n-type mono production, due to a shift in demand in Japan. During the year the company said that its external shipment volume of n-type silicon ingots was approximately 49.25MW, an 89.1% increase over the prior year.
Silicon wafers shipments were 331.5MW in 2014, around 12% higher than in 2013.
Solar cell shipments were 110.6MW, an increase of approximately 49.9% year-on-year and generated revenue of RMB204.64 million though production capacity remained the same at 300MW.
Japan was its biggest market in 2014, primarily due to its PV module supply contract with Sharp Corporation. Revenue from Japan totalled RMB2,154,216,000 in 2013, compared to RMB1,588,874 in the previous year.
However, Solargiga experienced a plummet in revenue from second biggest market, Taiwan, with revenue falling from RMB166,048,000 (US$26.8 million) in 2013 to only RMB49,818,000 (US$8 million) in 2014.
Solargiga noted that it had increased its in-house PV module capacity to 600MW during the year, an increase of 50% from 400MW, due to increased demand from the likes of Sharp.
External shipments of PV modules increased significantly to 518.4MW, an increase of 80% from 288MW in 2013. The company noted that its largest customer continued to increase its purchase of module products to a total of 364.3MW in 2014, a 36.7% year-on-year.
