China's Sunergy sustained by higher margins, shares climb
Sunergy Co Ltd, China's solar panel maker, reported it gained higher first-quarter deliveries. The increase was because of the upsurge in demand from France, its biggest market. Sunergy said it anticipated expansion in margins for the present quarter.
The company's share climbed up to 4% to US$2.20 in trading before it closed.
Sunergy said it would concentrate on margins over volumes. It would even join its peers in focusing on high-margin markets like India and Japan.
The combined earnings of India and Japan was just a quarter of Sunergy's first-quartile profit of US$61.7 million.
However, the company reduced its total shipment forecast for this year. It planned to move its manufacture to Turkey so that it could lower the impact of European Union's dumping fees on China's panel imports.
Sunergy's Istanbul plant started distributing solar panels last month. Its order came from an undisclosed client in France.
The second-quarter cell and module consignments were anticipated to be about 500 megawatt to 550 MW. This was lower that the range of 550MW-600MW it predicted earlier.