Neo Solar Power posts NTD826 million net loss in H1

In the second quarter, the Taipei-listed PV cell and module producer posted a net loss of NT$826 million and an operating loss of NT$991 million, on revenue of NT$4.504 billion.

It partly attributed the losses to ongoing efforts to raise production at its plant in Malaysia. It expects to wrap up this transition in the third quarter.

The Taiwanese crystalline PV cell and module producer’s revenue fell 23.66% year on year in the month of July to NT$1,308 million.

However, revenue edged up 4.1% from June, mainly due to a jump in its shipments of solar panels, according to an online statement.

The Taipei-listed manufacturer’s cumulative, year-to-date revenue reached NT$11,718 million at the end of July, up 3.41% from the first seven months of 2015.

It described the demand outlook for the rest of the year as “conservative," due to lower average selling prices for its PV modules, but said that it expects demand in mainland China to rise slightly in the fourth quarter.

The Hsinchu-based company — which has started developing solar arrays in Japan and the US — announced plans last week to establish a new downstream venture with several undisclosed partners, mainly to build projects in its home market.

It also revealed that its board has given the go-ahead to invest roughly $34 million in US-based Greenskies Power.

Earlier this week, NSP revealed that chief executive Sam Hong will replace company founder Quincy Lin as chairman.