Sunways posts sales increases of 52 percent; looks to expand activities

During its annual general meeting, held in Singen, south Germany, it was reported that during the 1st quarter 2010, the company achieved a “marked rise” in sales, operating results (EBIT) and sales volumes across all product segments. It said that compared to the 1st quarter 2009, sales increased by 52 percent to €44.3 million, EBIT rose by €10 million to €4.7 million and net income reached €2.1 million.

Furthermore, the company said that in addition to expanding its core competences in solar cells, solar modules and solar inverters as well as to extending its distribution activities in Germany and abroad, it also aims to enhance its competences in the project and consultancy areas as well as to develop additional, innovative business segments.

“We intend to continue and further expand this positive development,” said Michael Wilhelm, chairman of the management board of Sunways. “At the same time, we want to further consolidate our position as technology and quality leader in photovoltaics.”

Sunways AG still expects that the domestic demand for photovoltaic components will continue to be brisk in the fiscal year 2010 and anticipates a further upturn in international business. An expansion of the inverter business will continue to be restricted by the currently prevailing significant supply bottleneck in the world market with respect to inverters components, said the company.

Apart from this, Sunways aims to double the sales volume of solar modules in the entire fiscal year 2010 and expects a profitable growth on a consolidated basis in the domestic and international markets.