GreenEnergyForEarth.com – Alternative Energy News and Green Products

Apr 28, 2009 – Neo Solar Power announced its Board of Directors resolved 2008 earnings appropriation and announced financial result summary for the first quarter of 2009.  Net profit for NSP in 2008 totaled NT$831 million with earnings per share (EPS) at NT$6.12. The Board of Directors resolved a total dividends of NT$2.2 per share, of which NT$1.1 will be made in cash and NT$1.1 will be made in stock. The proposal will be proposed for shareholders’ acknowledgment in Annual General Shareholders’Meeting to be convened in June 19, 2009.  NSP also announced financial result summary for the first quarter of 2009. Benefitted by effective cash flow management, NSP had generated positive cash flow from operating activities, investing activities and financing activities. Stemmed from conservative and solid management strategy, NSP aims to maintain long term sustainability focusing on cash flow generation. Revenues for the first quarter of 2009 totaled NT$1,732 million. Affected by the financial tsunami, solar industry experienced sharp price downward adjustment. While shipment in first quarter of 2009 increased by 23.1% year-on-year, revenues were still down by 10.9%. Upon non-cash provision of loss on inventories as a result of adoption of the newly amended Statements of Financial Accounting Standards (SFAS) No. 10 (Inventories) and a non-cash loss on valuation of financial liabilities as a result of ECB issuance, net loss for NSP in first quarter of 2009 was NT$425 million. EPS was a loss of NT$2.67 per share. As the weather become warmer, installation in major European markets also resumed. Shipment is expected to increase quarter by quarter. In order to outpace the sever competition of the solar industry, NSP will continue invest in research and development to advance process technology and conversion efficiency, which shall allow NSP to further differentiate itself through technology leadership and also solidify long term competitiveness.