China Sunergy 2Q 2008 Financials Reported; Revenue up 44.9% to $111.6 Million; Net Income $3.l Million
Aug 22, 2008 – Nanjing, China – China Sunergy Co. Ltd. [CSUN] reported this 
2Q 2008 financial results today. Revenue of $111.6 million was up44.9% from the 1Q and up 98.6% from 2Q 2007. Net income of $3.1 million compares to a net loss of $3.5 million in 2Q 2007 and net income of $0.5 million in 1Q 2008. Net earnings were $0.08 per ADS. Shipments of solar power products were about 35 MW, up about 121% from the same period in 2007. CSUN signed a supply agreement with a European wafer provider for a high quality supply of monocrystalline wafers for 7 years. On July 1, 2008 CSUN raised $54.5 million gross proceeds of senior convertible notes.
Dr. Allen Wang, CEO, said “Although we managed to improve margins during the first half of the year, we still face a number of potential challenges in the second half, in particular wafer costs and wafer quality. “Despite these challenges I am confident that our improving supply pipeline, declining wafer costs, and higher conversion efficiencies, will strengthen our gross margin from the end of this year and into 2009.
CSUN is a leading manufacturer of solar cell products in China that sells these PV products to Chinese and overseas module manufacturers & system integrators.
