Shareholders in Chinese solar manufacturer Trina Solar were given a $6 million boost yesterday after the Changzhou company announced a favorable judgment in an arbitration case.
Trina issued a press release stating it has been awarded a verdict over a $20 million dispute with one of its customers over outstanding payments it claimed were from a module supply deal.
Trina, which did not reveal the customer’s identity, said it had been awarded the full $17.4 million it had been claiming with the total figure rising to $20.4 million with sales tax and interest.
That $20 million windfall translated into a $5.7 million boost to the company’s operating expenses and profit and loss figures for the final three months of 2013 as well as last year’s full-year numbers, which were adjusted as a result.
Although Trina still recorded a significant net loss last year, the figure has come in to $72.2 million from $77.9 million and the net profit recorded for the October-to-December period has risen from $10 million to $15.3 million.