ReneSola posts annual increases in revenue, net loss

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Chinese solar group ReneSola posted a fourth-quarter net profit of $800,000, up from an $88.9 million loss in the same period a year ago, while revenue rose 43.2% year on year to $438.8 million.

The company’s solar module shipments in the period reached 505.3 MW, a 57.7% increase from the fourth quarter of 2012. Total solar wafer and module shipments in between October and December were 784.1 MW, an increase of 10% year on year.

ReneSolar’s made $8.2 million in operating profit, compared to a loss of $180.3 million between July and September.

Full-year figures

For the full year, the group’s net loss increased 7% to $259.5 million while revenue climbed 56.8% to $1.52 billion.

ReneSolar saw a dramatic increase in module shipments of 142.5% to 1,729 MW, while total wafer and module shipments grew 42.4% to 3,146.5 MW.

The company’s operating loss grew 24% to $222.1 million year on year, due mainly to a non-cash impairment charge of $202.8 million recorded in the third quarter and primarily associated with the company’s Sichuan polysilicon factory.

"We achieved another quarter of record solar module shipments and record revenue, and recognized net profit for the first time in two years,” said ReneSola CEO Xianshou Li, adding that in a year in which the global solar industry showed real signs of recovery despite persistent challenges, “we are happy to have not only endured but to be returning to profitability.”

Li said the company’s business performance and financial results underscored the success of efforts to grow its brand recognition and market share in international markets. ReneSola has become one of the top module suppliers in the United States, Europe and Japan, he added.

The company saw rapid growth in its international business development last year. It now has 15 overseas sales offices, with its most recent openings in established markets like France and emerging markets such as Panama, Turkey and Thailand.

“We are also in the process of setting up new sales offices in Southeast Asia, Latin America, the UAE, Africa, Russia and Canada, and we now have 27 warehouses around the globe,” Li added.