Preliminary annual financial results from Sunways were higher than the company expected for 2010. Sales for the PV systems supplier and manufacturer reached €222.7 million, up 25% of the previous year. Sunways had expected annual sales of €215 to 225 million and an EBIT margin of approximately 6%.
Sales in the fourth quarter were reported at €55.5 million with the operating result (EBIT) anticipated at about €15 million for the year.
The company noted that demand for its Ecoline solar modules that were launched in December 2010 contributed to sales. The Ecoline modules are made by LDK Solar with Sunways solar cells and in accordance with Sunways quality criteria.
At a total of 16.6MW of module sales were generated in the fourth quarter 2010.
“The development of consolidated earnings underlines the success of our market-related as well as strategic efforts in the past year”, commented Michael Wilhelm, Chairman of the Management Board of Sunways AG, on the preliminary figures. “I am glad to see that our decision to cooperate with LDK Solar as an additional partner in solar module production is already paying off. This year, we will again consistently continue our successfully initiated internationalization efforts.”