China Sunergy boosts revenue, narrows loss in third quarter

China Sunergy Co., Ltd. on Friday reported a 27% quarter-on-quarter increase in third-quarter revenue to $111.1 million as shipments grew 67.4% to 308.9 MW in the period.

At the same time, the PV manufacturer more than doubled its net loss to $22 million.

The company attributed the increase in revenue to higher shipments in self-branded solar cells and modules. Revenue from its self-brand modules and cells business totaled $107.3 million, or 96.5% of the total revenue, while revenue generated from modules and cells processed under OEM arrangements reached $2.6 million, or 2.4% of total revenue.

Strong demand from the Chinese market boosted the company’s total shipments in the quarter, with shipments to the country quadrupling quarter to quarter. China increased to 195.5MW in the quarter ended September 30, 2015, compared with 48.2MW in the previous quarter. China Sunergy’s total module shipments in the third quarter reached 208.4 MW while cell shipments made up 100.5 MW.

Sales revenue derived from the Asian market accounted for 72.9% of the company’s total revenue, of which 52% was generated in China and 9.8% in India. Sales to European and American markets represented 17% and 8.5%, respectively.