Solargiga sees shipments increase slightly, revenue decline 11.1%

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Solargiga achieved a turnover of CNY 2,504.7 million (US$361.9 million) in the first nine months of this year – an 11.1% decline compared to the same period a year earlier, when total sales reached CNY 2,816.1 million, according to provisional numbers.

Its manufacturing business also declined, with revenues falling 12.6% from CNY 2,797.3 million to CNY 2,444.4 million.

In terms of shipments, the company’s performance for the first three quarters of the year improved 3.5% from 1,696.6 MW in the same period of last year, to 1,755.8 MW in the same period of 2018.

In late August, the company issued a profit warning, saying it expected to record a loss of around $15.2 million for the period ending June 30, 2018. At the time, it said performance for the period was attributable to the PV policy changes announced by the Chinese government on May 31, which resulted in “unexpected” declines in both sales volumes and prices; and an increase in R&D costs.

Earlier in March, Solargiga posted a net profit of CNY 107.5 million for 2017, reversing a net loss of CNY 239.149 million in the previous year.

Furthermore, in late September, it announced it had successfully ramped up its PV module line to a total annual output of 2.2 GW, and upgraded 150 MW of existing capacity to produce monocrystalline n-type IBC cell BS modules. These measures are part of a plan to increase capacity by 1 GW, first announced in March.