China Sunergy Co. (CSUN) unveiled its financial results for the second quarter of 2015. Although its revenue derived from business in the U.S. jumped to 34.4% during the quarter, the financial performance dropped from the prior quarter in segments including sales, revenue, shipment, gross profit/gross margin and loss.
Second Quarter 2015 Financial Highlights
- Total revenue was US$87.5 million, a decrease of 4.3% from US$91.5 million in the first quarter of 2015. The revenue for self-branded products totaled US$86.6 million and the revenue for the products processed under the OEM arrangement was US$0.9 million.
- Shipments totaled 184.5MW, a decrease of 3.8% (7.4MW) from 191.9MW in the first quarter of 2015. Module shipments, including module processed under OEM arrangement of 16.8MW, were 148.9MW. Cell shipments were 35.6MW.
- Average selling price ("ASP") for the Company's modules, excluding those processed under OEM arrangements, was US$0.58 per watt, unchanged from the previous quarter.
- Gross profit was US$6.1 million and gross margin was 6.9%, compared with gross profit of US$10.3 million on gross margin of 11.3% in the first quarter of 2015.
- Net loss attributable to ordinary shareholders was US$10.5 million, compared with US$12.2 million in the first quarter of 2015.
- Net loss attributable to ordinary shareholders per ADS was US$0.71, compared with US$0.82 in the first quarter of 2015.
- Cash, cash equivalents and restricted cash totaled US$148.5 million as of June 30, 2015.
Sales revenue derived from Asian market accounted for 39.3% of total revenue in the second quarter of 2015 as a result of lower shipments to China, Japan and India markets, while revenue generated from American market dramatically increased and accounted for 34.4% of total revenue. In addition, sales to European market represented 25.2% of total revenue in the quarter ended June 30, 2015.
The operating expenses were $13.9 million, increased sequentially from the first quarter ($4.8 million). The increase was primarily due to the increase in selling expenses and general and administration expenses. However, the company’s net loss was lightened from $12.9 million to $10.5 million thanks to higher income from segments defined as “other.”