Thu, Jul 05, 2018 - Page 12 News List

GET revenue dives after Chinese solar subsidy change

By Lisa Wang  /  Staff reporter

Green Energy Technology Inc (GET, 綠能科技), the nation’s biggest solar wafer maker, yesterday said that revenue last month plunged 70 percent year-on-year as demand sagged suddenly after China slashed solar subsidies in a policy U-turn.

Revenue sank to NT$245.92 million from NT$821.98 million (US$8.06 million from US$26.95 million) in June last year.

On a monthly basis, revenue contracted 54 percent from NT$537.88 million.

The company blamed Beijing’s new solar policy for persistent solar wafer price declines and the fall in revenue.

RESPONSE MEASURES

To prevent losses from deepening, the company has been selective when taking orders, it said.

GET said it opted to allocate jobs to its parent company, Tatung Co (大同) rather than laying off employees as it takes measures to deal with the industry slump.

It also asked employees to take two days off after working for two days, instead of working all four days as during regular seasons.

“The company intends to safeguard the working rights of our employees and retain talent by taking such measures,” GET said in a statement.

NEO SOLAR

Separately, solar cell maker Neo Solar Power Corp (新日光) reported a 17 percent increase in revenue to NT$1.06 billion last month from NT$905 million a year earlier, thanks to an increase in domestic solar panel installation demand.

On a monthly basis, revenue rose 9.34 percent from NT$966 million.

The company attributed the growth to its continued efforts to expand solar system installations and solar power plant businesses worldwide.

Neo Solar helps build and operate solar power plants in Taiwan, the US, the UK, Japan and Latin America.

The company said in a statement that it expects solar power operations to become a new growth driver and an exit for its solar cells.

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