China Sunergy publishes delayed Q2 results, reports revenue increase

PV manufacturer China Sunergy on Tuesday announced its second-quarter 2014 results after a months-long delay in publishing the report following an executive shuffle last year.

The company’s net loss grew from $1.4 million to $5.7 million year-on-year but declined sequentially from a hefty $14.7 million in the first quarter, while overall revenue climbed 23% to $88.5 million compared to the previous year and 41% from the first quarter.

The company’s shipments totaled 184.5 MW, an increase of 31.6% from 140.2 MW in the first quarter. Module shipments, including module processed under OEM arrangement of 27 MW, reached 135.6 MW, while cell shipments, including cell processed under OEM arrangements of 21.2 MW, were 48.9 MW.

The group reported an average selling price for its solar modules, excluding those processed under OEM arrangements, of $0.66 per watt, unchanged from that of the previous quarter.

China Sunergy Chairman and CEO Tingxiu Lu noted that the company’s “global manufacturing base, sales network and leading technology enabled us to capture opportunities in both Europe and Asia, driving strong sequential shipment growth and higher gross margin in the second quarter of 2014.”

Lu added that in view of its second quarter results, the company remained “comfortable in achieving our previously-stated full-year 2014 total shipment estimates of 750 MW to 800 MW."

In September, China Sunergy reappointed Lu, the company’s co-founder, to head the company after the resignation of CEO Stephen Zhifang Cai for personal reasons. Chief financial officer Yongfei Chen followed a month later, likewise exiting the company for personal reasons. China Sunergy then tapped Shiliang Guo as acting CFO.

Explaining the late publication of second quarter figures, Lu said, “Since my return in September 2014, we have taken many steps to improve operations, including the appointment of our new auditor in December, which initially required additional time to complete our quarterly financial reporting.”

Lu added that the group was committed to completing its 2014 annual audit in time and aimed to report its results for the second half of 2014 in April.