CSun reports falling shipments in Q2, $10.3 million loss


China Sunergy has reported falling revenues and shipments in its delayed Q2 2015 results, as it pivots away from OEM production towards shipments of branded cells and modules. The company has seen good revenue growth from North America and strong sales in Europe, while its Asian shipments have decreased.

CSun shipped 184.5 MW of PV products in Q2, down 3.8% on Q1 2015 results, with revenues also falling to $87.5 million, down 4.3% Q/Q. CSun branded module ASPs did not change Q/Q, however cell ASPs fell by $0.01 Q/Q.

CSun has attributed the fall in revenues to reduced OEM shipments, with only 1% ($900,000) of total revenue coming from OEM module production, while it shipped no OEM cells in the quarter. The company shipped 148.9 MW of CSun modules in Q2, and 35.6 MW in cells.

Geographically, Asia remained CSun’s largest market in Q2, accounting for 39.3% of its revenues, while the American market attributed 34.4% of revenues in Q2 and Europe 25.2%. CSun operates was one of the first Chinese manufacturers to move into production outside of China, therefore circumventing some tariffs and duties in place on exports from China to the U.S. and Europe.

In terms of costs, CSun has reported falling wafer production costs, down $0.02/wafer Q/Q to $0.20, while cell costs rose by the same amount to $0.14 and module production remained steady at $0.18.

Increasing “selling and general administration expenses” increased markedly Q/Q to $13.9 million in Q2, up from $4.8 million. CSun has attributed to this partly to increased shipping costs from its Turkey module assembly and an increase of $7.3 million in costs related to “bad debt provision and insurance expenses.”

CSun closed the quarter with inventories worth $85.9 million, up by $5.5 million Q/Q. It had cash and cash equivalents of $38.5 million and restricted cash of $110 million. CSun carried debt of $90.5 million as of June 30.

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: editors@pv-magazine.com.


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Your email address will not be published.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.