Boston, MA 04/04/2014 (wallstreetpr) – Solar cell and Solar Module manufacturer, China Sunergy Co Ltd (NASDAQ:CSUN), has hinted that it expects to record higher shipments for this year after registering higher than expected sales for its recent fourth Quarter. As a result of improved sales, the solar panel maker was able to report a smaller than expected loss for the quarter. The company has not been profitable for the past 11 even quarters.
The turn of events in the market has prompted the company to forecast shipments to rise to between 750-800MW up from 577.4 MW reported in 2013. A healthy pricing environment is seen as the key to the company achieving its goals that should signal a return to positive net profits and cash flow. China Sunergy is coming from a four year slump bolstered by subsidies from Japan and Chinese targets to install approximately 14.5 GW Solar generating capacity in the year.
Asia continues to be one of the biggest markets for China Sunergy’s solar panels as the country shifts its attention to green energy. Fourth quarter alone saw the company’s 67% of the total revenue coming from Asia markets doubling as result to a high of $125.5 million with China alone contributing 56% of the total revenue.
Net loss attributed to shareholders narrowed to a low of $13.2 million for the quarter down from a high of $70.5 million reported for the same period in 2012. China Sunergy saw its shipments double in the quarter to a high of 235.8 MW with the company expecting shipments of between 130-140 MW in a weaker first quarter.
China Sunergy partners with Larsen & Toubro
China Sunergy Co Ltd (NASDAQ:CSUN) shipments are set to increase even further this year, having signed an agreement with Larsen & Toubro, headquartered in Chennai India. The company has already shipped a total of 29.5MW to Larsen & Toubro as part of the agreement awaiting to ship another and having entered into Toubro’s strategic supplier list.
Larsen & Toubro is one of India’s largest Conglomerate in technology and engineering construction as well as manufacturing. The company has already solidified its position as solar magnet having implemented over 300MW solar projects in the country. The latest shipments comes at the back of China Sunergy Co Ltd (NASDAQ:CSUN) announcing that its Turkey plant had fulfilled a solar module supply contract totaling 7.8 MW.
