Renesola, a China-based solar wafer and module maker, has announced its financial results for the fourth quarter and the full year ended December 31, 2012.
According to the firm, total solar wafer and module shipments in fourth-quarter 2012 were 713.2MW, exceeding company guidance and representing an increase of 33.9% from 532.8MW in third-quarter 2012.
The firm reported fourth-quarter 2012 net revenues of US$306.5 million, representing an increase of 40.5% on quarter compared to US$218.2 million in the third quarter, and an increase of 63.3% on year compared to US$187.7 million in fourth-quarter 2011. Revenues in fourth-quarter 2012 increased substantially compared to the third quarter, despite a decrease in ASPs of solar wafers and modules from US$0.28/watt and US$0.67/watt, respectively, to US$0.24/watt and US$0.63/watt, respectively, as a result of a significant increase in solar module shipments, particularly to China, said the firm.
Gross profit in the fourth quarter was US$10.3 million with a gross margin of 3.3%, compared to gross loss of US$39.2 million with a gross margin of negative 18.0% in the third quarter, according to Renesola.
The firm saw fourth quarter net loss reach US$49.8 million, compared to the net loss of US$78.6 million in third-quarter 2012 and the net loss of US$36.7 million in fourth-quarter 2011.
As for 2012, the firm reported total solar wafer and module shipments for full-year 2012 were a record 2.2GW, in line with company guidance and showing an on-year increase of 70.6% compared to 1.3GW in 2011.
Renesola reported full-year 2012 net revenues of US$969.1 million, representing a decrease of 1.6% on year compared to US$985.3 million in 2011.
Gross loss in 2012 was US$35.7 million with a gross margin of negative 3.7%, compared to a gross profit of US$96.1 million with a gross margin of 9.7% in 2011, said the firm, while full-year 2012 net loss was US$203.4 million, compared to net profit of US$300,000 in 2011.
