Chinese solar module manufacturer, Solargiga has seen both turnover and shipments decline significantly in the first quarter of 2018, as a result of a drop in market prices for monocrystalline silicon wafers.
In its financial statement, the company said that revenue dropped from 34% from 995.8 million CNY in the first quarter of 2017, to 657.2 million CNY ($104.6 million) in the latest quarter. Meanwhile, shipments fell 19.9% year-on-year, from 576.8 MW to 462.1 MW.
“The group opted not to actively pursue the external sale of monocrystalline silicon wafers, and instead continue to process and manufacture them to photovoltaic modules and then sell externally,” the company said in its statement.
Solargiga also attributed the quarter’s performance to the winter season, in which its traditional markets “have always been less favorable to the installation of photovoltaic power generation systems.”
In March, it posted a net profit of CNY 107.5 million for 2017, reversing a net loss of CNY 239.149 million in the previous year. Full-year revenue jumped more than 32% year on year, to CNY 999.6 million.
Earlier in September, the Chinese manufacturer revealed plans to invest in 1.2 GW of monocrystalline silicon ingot and monocrystalline silicon wafer output capacity in Qujing, China’s Yunnan province.