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China Sunergy total revenue 91.5 million, down 27.8%

Staff writer |
China Sunergy announced its financial results for the first quarter ended March 31, 2015. Total revenue was $91.5 million, a decrease of 27.8% from $126.7 million in the fourth quarter of 2014.

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The revenue for self-branded products totaled $84.3 million and the revenue for the products processed under the OEM arrangement was $6.6 million.

Shipments totaled 191.9 MW, a decrease of 37.2% (113.5MW) from 305.4 MW in the fourth quarter of 2014. Module shipments, including module processed under OEM arrangement of 30.6 MW, were 161.6 MW. Cell shipments, including cell processed under OEM arrangements of 0.4 MW, were 30.3 MW.

Average selling price ("ASP") for the Company's solar modules, excluding those processed under OEM arrangements, was $0.58 per watt, $0.01 lower than $0.59 per watt in the fourth quarter of 2014.

Gross profit was $10.3 million and gross margin was 11.3%, compared with gross profit of $5.2 million on gross margin of 4.1% in the fourth quarter of 2014.

Net loss attributable to ordinary shareholders was $12.2 million, compared with $10 million in the fourth quarter of 2014.

Net loss attributable to ordinary shareholders per ADS was $0.82, compared with $0.67 in the fourth quarter of 2014. Cash, cash equivalents and restricted cash totaled $179.8 million, as of March 31, 2015.


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