Solarfun doubles second quarter revenues due to higher demand

Solarfun Power Holdings Company earned 1.752 billion Chinese yuan ($258.5 million) in net revenues in the second quarter, marking a 105.1 percent increase from the 854.6 million yuan posted in the same period last year.

The Chinese solar modules maker said larger shipment volumes drove revenues upward, thanks to higher industry demand complemented by the company’s improved production capacity.

Solarfun shipped 240.6 megawatts’ worth of photovoltaic modules, up from 64.3 MW in the same period in 2009.

The euro depreciation against the renminbi caused a 6.8 percent drop in the average selling price of modules, pushing down costs from 12.01 yuan per watt in the first quarter to 11.19 yuan per watt.

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Solarfun looks forward to delivering 210 MW to 220 MW in module products in the third quarter.

The company said it will also increase its shipment guidance for the entire year from 650 MW to 750 MW to meet growing demand.

“Based on early demand indications from our key customers from 2011, we are increasingly optimistic about the company’s future performance,” said Peter Xie, Solarfun president.

Solarfun forecasted modules’ average selling price to increase by around 3 percent if the euro-dollar exchange rate remains at 1.28.

Solarfun said it will introduce new technology to transform 160 MW of its cell capacity to high-efficiency cell capacity to help it attain 18.5 percent and 17 percent efficiency increase for monocrystalline and multicrystalline cells, respectively.
Solarfun (Nasdaq:SOLF) raked in 1.2 billion yuan in net revenues in the fourth quarter of 2009.



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