Neo Solar Power Corp (新日光), the nation’s largest solar cell manufacturer, posted a slower monthly decline in revenue for last month, indicating the company’s efforts to alleviate the impact from a US anti-dumping case started paying off.
Revenue dropped 7.08 percent to NT$2.05 billion (US$68 million) last month, compared with NT$2.21 billion in June, according to a company statement released on Monday. The monthly decline in revenue shrank when compared with a monthly reduction of 15.82 percent in June.
“Since the US [Department of Commerce] announced the preliminary ruling on anti-dumping probes into Chinese firms in June, Neo Solar has began diversifying export destinations gradually and strengthening its customer portfolio,” Neo Solar said in a separate statement released on Monday.
“Revenues in June and July show that our efforts bore fruit,” the company said.
“Neo Solar will face less significant impact [from the levies] than most Taiwanese solar cell makers. We expect the impact will lessen month by month,” it added.
Taiwanese solar cell and module makers would be required to remit higher-than-expected anti-dumping tariffs between 27.58 percent and 44.18 percent on exports to the US if the ruling is finalized.
To minimize the potential impact of the levies, Neo Solar said it is also expanding its solar power system installation business via its General Energy Solutions Inc (永旺能源) subsidiary. General Energy is expected to sign solar installation contracts this year that could generate about NT$9 billion in revenue, Neo Solar said.
Additionally, Neo Solar is accelerating its overseas expansion and actively evaluating the possibility of building a plant in the US or other areas in Asia to supply its products to the US and other markets, the company statement said.
Separately, Green Energy Technology Inc (綠能科技), the nation’s largest solar wafer maker, yesterday posted a 10.9 percent growth in revenue for last month at NT$1.22 billion, compared with June’s NT$1.1 billion.
The company said it operated its factory at a 95 percent utilization rate last month, as it has over the past few months.
Green Energy expects average selling prices for the solar supply chain to fall in the short term, citing the reduced demand due to the proposed US tariffs.
The company emphasized that it does not face the anticipated levies and would not be significantly impacted by the determination.
However, Green Energy is evaluating the possibility of setting up a solar module production facility overseas to strengthen its partnership with clients, it said.
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