Sky Solar posts US$10.3 million in quarter following IPO

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Independent PV power producer, Sky Solar reported third quarter 2014 revenue of US$10.3 million in the quarter just after its NASDAQ IPO. 

The company noted that the 26.1% revenue increase, compared to the prior year period was due to growth in electricity sales, which was said to have been partially offset by a decline in solar energy system sales, resulting from its strategic shift from solar energy system sales to IPP electricity sales. 

The company reported revenue from electricity sales of US$6.9 million, up 119.0% from US$3.2 million in the same period of 2013, while revenue from solar energy system and other sales was US$3.4 million, down 32.4% from US$5.0 million in the prior year period. 

Gross profit was US$4.9 million, up 501.5% from US$0.8 million in the same period in 2013. Gross margin was 47.9%, compared with 10.0% in the prior year period.

However, the company reported a net loss US$3.6 million, compared with a net loss of US$2.9 million in the same period of 2013.

Sky Solar said that as of November 13, 2014, it owned and operated 54.5MW of IPP assets, compared with 51.8MW at the end of the third quarter, 51.3MW at the end of the second quarter, and 43.3MW at the end of 2013.

Project Pipeline 

At the end of the third quarter, Sky Solar said it had a 1.2GW PV project pipeline, including 4.6MW under construction, 280.3MW of shovel-ready projects and 858.6MW of solar parks under development.

The company also said it had 22.6MW of projects under construction, including 18.5MW in Japan, begun since the end of the third quarter, of which 8MW of these projects are expected to be complete prior to the end of 2014. Sky Solar noted that the remaining Japanese projects would be complete by the end of the first quarter of 2015. 

The company also noted that in Canada, it expected 4.1MW of projects under construction to be completed by the end of the year.  

Weili Su, founder and executive chairman of Sky Solar, commented: “We are pleased to report our earnings for the first time as a NASDAQ-listed company. Our third quarter results demonstrated the effectiveness of our strategic shift from solar energy system sales to electricity sales, as our electricity sales increased 119% year-over-year, and comprised 67% of our total revenue in the third quarter of 2014. As we grow our portfolio of solar park assets, we expect electricity sales to further dominate our revenue mix, driving both revenue growth and margin expansion. Looking ahead, we are focused on development in several key geographies where we see strong growth potential, including Japan and South America.”

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