Neo Solar reports quarterly loss on US dumping probes

06/11/2014 12:00 - 531 Views

Neo Solar Power Corp (???), the nation’s largest solar cell maker, yesterday posted its first quarterly loss in a year for last quarter, primarily due to the adverse impact of the US’ anti-dumping and anti-subsidy probes into Chinese and Taiwanese solar power firms.

The company swung into losses of NT$153 million (US$5 million) in the quarter ending in September, compared with net profits of NT$385 million the previous quarter. Gross margin fell to 4 percent last quarter from 9 percent a quarter ago.

Cumulative profit for the first three quarters of the year totaled NT$617 million, more than three times the company’s net profit of NT$202.75 million in the same period last year, the company said.

“Demand is recovering this quarter as the impact of the anti-dumping probes is easing,” Neo Solar said in a statement.

As Beijing has launched new policies to boost the installation of solar systems in the country, Neo Solar expects further improvement in its factory utilization and business this quarter, citing the second straight month of growth in the company’s revenue last month.

Revenue climbed 4.76 percent to NT$2.06 billion last month from September’s NT$1.96 billion, hitting its highest level since May, it said in a separate statement.

Separately, Green Energy Technology Inc (????), the nation’s top solar wafer maker, said revenue jumped 18.32 percent to NT$1.55 billion last month, from NT$1.31 billion in September, and 25 percent higher from NT$1.24 billion a year ago.

The company’s factory usage was 95 percent last month, fueled by growing demand for high-end wafers, it said.

Source: Taipei Times