Solargiga posts increase in shipment, revenue in Q1 2017

Chinese solar manufacturer Solargiga Energy Holdings has released its unaudited operating statistics for the period from January 1, 2017 to March 31, 2017 showing an 87.3% increase in external shipments and a 22% increase in total revenue compared to Q1 2016.

According to the preliminary statistics, the external shipment of ingots, wafers, cells and modules in Q1 2017 saw a dramatic increase to 576.8 MW, up from 307.9 MW in 2016.

The company’s total Q1 revenue increased from  ¥ 816.2 million ($118.5 million) last year to  ¥ 995.8 ($144.6 million) this year.

The revenue from its production business went up by 22.5% amounting to ¥ 988.7 ($143.5 million), while sales of electricity generated and other revenue went down by 19.3% to  ¥ 7.1 million ($1 million).

The encouraging statistics comes on the heels of a gloomy 2016 financial report that showed a $ 34.7 million net loss, which the company attributed to investments in production capacity, as well as higher R&D spending throughout the year.