Solargiga sales boosted by supply deal with Sharp

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Monocrystalline product supplier, Solargiga Energy Holdings reported a 68.9% increase in revenue for the first-half of 2013, compared to the same quarter a year ago as demand from Sharp for N-type mono-wafers and modules increased due to the booming Japanese market.

Solargiga recently signed a new supply agreement with Sharp, including 370MW third-party N-type mono-modules.

The company reported revenue of RMB818.94 million (US$133.8 million) for the first six-months of 2013, up 68.9% from RMB484.959 million in the same period a year ago.

Solargiga reported group-wide gross profit of RMB18.591 million and a gross profit margin of 2.3%, which showed improvement from a gross loss of RMB154.725 million and gross negative margin of 31.9% for the corresponding period in 2012.

However, the company generated a net loss of RMB139.469 million (US$22.7 million) for the period covered.

Sales to Japan continued to be its major market, totalling around US$83.6 million in the first-half of the year, up from US$23.3 million in the first-half of 2012.

Sales of ingots/wafers to Taiwan also increased significantly from the same period a year ago, reaching US$20.5 million, compared to US$4.6 million in the first-half of 2012. However, sales to Spain and Germany dropped significantly in the first-half of 2013, while wafer sales to the UK, (Sharp) stopped completely in 2012 as well as to the US.

Solargiga said that it would be increasing the proportion of production and sales of N-type products, claiming its high-performance N-type wafer generated conversion efficiencies of 22 – 23%.

External shipments of N-type silicon ingots represented approximately 80.9% of silicon ingot shipments, mainly for Sharp and other Japanese customers.

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