Trina Tops Estimates, Cites Strong PV Market (TSL)
The integrated manufacturer of solar photovoltaic products reported a $10.6m net loss in the first quarter on $132.1m revenue.
Second quarter net income included a foreign currency exchange gain of $13.7mn versus a $10.6m net loss in the first quarter.
Company officials blamed the weaker year-on-year revenue decline on softer average solar module selling prices.
Second quarter deliveries totaled 64 megawatts, a 34.3% increase from a year earlier and 30.9% improvement from the first quarter.
Improved shipment volumes were primarily due to improved demand conditions in major European markets and better customer access to PV system purchase financing. An increasing number of government incentive programs for solar energy projects in Europe, North America and Asia also helped.
"We see market confidence returning to the PV sector due the strong government commitment to support clean energy technologies and an improvement in financing conditions,” says Jifan Gao, chief executive of Trina.
As of 30 June, Trina had $203.9m in cash and cash equivalents, and restricted cash. Its working capital balance was $126.8m. Total bank borrowings stood at $300.9m, of which $33.1m was long-term borrowing.
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