ReneSola swings to USD-8.6m net profit in Q3 2015

November 17 – ReneSola Ltd (NYSE:SOL) swung to a net profit of USD 8.6 million (EUR 8.1m) in the third quarter of 2015 from a USD-11.7-million loss a year earlier as it said its strategic shift to project development was starting to show results.

“Revenue surged sequentially as we monetized our projects in the UK and Japan, resulting in higher gross profit, operating income and earnings per ADS,” the Chinese photovoltaics (PVs) maker’s CEO Xianshou Li said in the results release today.

Revenues rose 37.2% quarter-on-quarter to USD 368.2 million, but declined slightly by 1.1% compared to a year ago. The company generated USD 64.6 million of revenues from the sale of solar power projects — a 34.7-MW project in the UK and a 300-kW project in Japan — and ended the period with 515 MW of projects in different stages of development.

ReneSola said it continued to fully utilise its capacity. Its solar module shipments were up 25.9% from the second quarter to 405.5 MW.

Details on the company’s third-quarter performance are available in the table below:

The company said its revenue outlook reflected the redirection of module production away from external sales and toward proprietary project development in pursuit of high profit.

Recommends: