Fri, Sep 02, 2011 - Page 12 News List

Green Energy’s revenue up

By Lisa Wang  /  Staff Reporter

Green Energy Technology Inc (綠能科技), the nation’s biggest solar wafer maker, yesterday said its revenues grew 2.8 percent to NT$1.51 billion (US$52 million) last month from NT$1.47 billion in July, marking its best performance in four months.

However, the number was still down 1.73 percent year-on-year from NT$1.53 billion, according to the company’s e-mailed statement.

With a quarterly loss of NT$233 million in the second quarter, Green Energy joined all other local solar companies in reporting losses in the quarter, prompting it on Monday to slash its earnings forecast for this year to a pre-tax loss of NT$610 million, from a pre-tax income of NT$3.55 billion it estimated earlier.

The company attributed the earnings revision to steep price declines amid frozen demand and excessive inventories in the supply chain.

To improve profitability, it vowed to cut operating expenses, save more on costs and install more equipment to produce high-quality wafers.

Taipei-based market researcher TrendForce Corp (集邦科技) expected the price of multi-silicon wafers to fall further this quarter to below US$2 per piece. Prices fell 1.95 percent this week from last week, as customers demanded price cuts to help weather the industrial slump, TrendForce said.

The share price of Green Energy fell for the third straight session since Monday, ending 0.69 percent lower at NT$57.7 yesterday.

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