Solar module maker United Renewable Energy Co (URE, 聯合再生) yesterday said that losses last year widened to NT$5.77 billion (US$190.72 million), due to a significant asset impairment loss and constant price declines in solar products.
Last year’s losses deepened from losses of NT$605.17 million in 2018. Losses per share also worsened to NT$2.26, from NT$0.42.
URE attributed last year’s poor results to an asset impairment loss of NT$1.62 billion as it retired a batch of outdated manufacturing equipment.
That came as the company sought to move away from manufacturing polysilicon solar cells to stem losses, it said in a statement.
As part of its turnaround efforts, URE said that it is concentrating on better-margin, own-brand solar module assembly and solar power system installation businesses.
The efforts have shown progress, as gross margin improved to minus-5 percent last year, from minus-7 percent the previous year, while revenue from solar module and solar system installation has increased significantly, the statement said.
URE gave an upbeat outlook for this year, saying it has received a major order to install solar systems in Taiwan.
Orders have reached the limit of its capacity, the company added.
Local demand would fuel its revenue growth this year, as the government aims to add 2.2 gigawatts (GW) of new solar systems to bring total installed capacity to 6.5GW this year, URE said.
Demand from local enterprises would also climb this year as heavy power users, mostly manufacturers, must abide by a new rule that requires them to source 10 percent of their overall power consumption from green energy sources within five years, it said.
However, the COVID-19 pandemic has disrupted the company’s turnaround progress.
URE expects its production to return to full capacity this month after the pandemic disrupted the solar supply chain in the first quarter, the statement said.
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