ReneSola posts annual increases in revenue, net loss


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.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.