Universal Solar Q1 results announced
Universal Solar Technology, Inc. (OTCBB: UNSS) announced results for the first quarter ended March 31, 2011.
Net sales were $955,011 for the first quarter of 2011. All revenues weregenerated from selling of silicon wafers that were produced in theCompany’s newly constructed manufacturing facilities in Henan province,PRC. During the comparable period in 2010, the Company did not realizeany revenue.
Gross profit for the three months ended March 31,2011 was $39,066, representing gross profit margin of 4.1 percent.During the three months ended March 31, 2011, market price of siliconwafers were unexpectedly low due to decrease in selling price of solarcells products.
Net loss increased by $11,740 or 4.7 percent to$260,382 for the three months ended March 31, 2011 from $248,642 for the comparable period in 2010.
During three months ended March 31,2011, the company raised $456,042 from local financial institutions; and related parties, including the CEO, President and companies theycontrol advanced 341,702 to the company.
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