Solar EnerTech enjoys revenue increase in 2010

15 February 2010

Solar EnerTech saw its revenues increase to $17.7m compared to $5.1m in the first quarter of the prior year.

Based in Shanghai, China, Solar EnerTech manufactures photovoltaic (PV) solar energy cells and solar applications and has established a partnership in a joint R&D Lab with Shanghai University for the development of research programmes designed to increase the overall efficiency of solar cells.

The company also saw shipments increased 448 per cent compared to the first quarter in the prior year period. The first quarter 2010 gross profit increased to $1.9m, compared to negative $2.3m in the first quarter in the prior year period.

The company said that the increase in revenue was due to increased sales orders from new and existing customers as a result of heightened efforts by the company’s sales and marketing team. During the last quarter of fiscal year 2009, the company acquired a 10MW contract from a new customer in Europe, contributing to the increased sales volume.

According to Solar EnerTech, the improvement in gross profit margin was primarily due to cost restructuring and the Company’s ability to increase the manufacture efficiency of its solar cells. Additionally, the Company secured high quality raw materials with favorable credit terms as well as promoted a lean production process and filtered out unqualified products.

Net loss for the first quarter of fiscal 2010 was $3.9m, or negative $0.04 per basic and diluted share compared to a net loss of $3.8 m, in fiscal 2009.

Leo S Young, CEO, Solar EnerTec, said, ‘Fiscal first quarter result indicates a significant accomplishment for Solar EnerTech during the past six months since we made a strategic adjustment to focus on supplying superior products to our customers. We are pleased to see continued strong top-line growth in the quarter – our main product shipment increased four times and revenue increased nearly 250 per cent compared to the same period last year. As our capacity has increased and the quality of our solar cells becomes further recognized in the industry, we now have the opportunity to focus on advancing our brand name recognition.’

He added, ‘While we have been experiencing volatile market conditions for the last several months, the entire management team is up to the challenge. Our focus on product quality, coupled with our efforts in support services, has provided satisfaction among our major customers in Europe and Australia, and that in turn enabled us to acquire new customers. We are encouraged with the demand trends we’re seeing in our business and believe the quality of our products differentiate Solar EnerTech from many of other players in the global PV business.’

Copyright © 2010 NewNet

Tags: solar

This story was published on Monday, February 15th, 2010 at 2:10 pm and is filed under Asia, companies, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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