Green Energy Technology Inc (綠能科技), the nation’s largest solar wafer maker, yesterday reported its highest quarterly net profit in seven quarters, helped by strong demand for solar system installations in Europe.
Net income surged 71 percent to NT$409 million (US$12.8 million), or NT$2.22 per share, from NT$224 million, or NT$1.41 a share, in the first quarter, the company’s financial statement said.
A year ago, Green Energy lost NT$160 million as demand plunged amid the global financial crisis and prices dived on oversupply.
Second-quarter sales jumped 12.5 percent quarter-on-quarter, more than double the same period last year, to NT$3.71 billion.
This year’s solar supply chain volatility comes amid a doubling of new photovoltaic system installations, market research firm iSuppli said in a report last week.
Worldwide photovoltaic installations are projected to rise to 14.2 gigawatts this year, up from 7.2 gigawatts last year, iSuppli forecast.
To cope with growing demand, Green Energy’s board in May approved a budget of NT$1.46 billion for solar wafer expansion and equipment purchases, and an additional investment of US$37.22 million in Ultra Energy (Weifang) Technology (宇駿濰坊), a new wafer slicing subsidiary, in China’s Shandong Province.
Shares of Green Energy leaped 2.75 percent to NT$86, beating the benchmark TAIEX, which gained 0.63 percent yesterday.
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