China Sunergy Co., Ltd. (NASDAQ: CSUN) (“China Sunergy” or “The Company”), a specialized solar cell and module manufacturer, announced its financial results for the second quarter ended June 30, 2011 a couple of days earlier. The results reflected lower quarterly shipments, but slightly higher gross margins compared to the most recent guidance provided by the Company.
The company added that it had made an entry into the Indian solar market in June 2011.
In June 2011, China Sunergy entered into a 13MW supply contract with Visual Percept Solar Projects Private Limited, a solar project developer established to help India’s National Solar Mission. Visual Percept is part of the well-known Enam Group in India.
Mr. Stephen Cai, CEO of China Sunergy, commented: “Our second quarter results, while disappointing, marked a turning point for China Sunergy, which expects a significant rebound in the second half of 2011. The focus of the Company in the second quarter was on diversifying beyond Europe and into new geographic markets, especially the United States and India, but the results from this strategic expansion will not be reflected in our financial performance until the second half of this year. Likewise, our capacity expansion and technological improvements represent a deliberate attempt to plan ahead for future demand in emerging solar markets such as the U.S., India, and our home country of China. We are investing now in our long-term future.”
The company supplied 30MW of solar modules to Indian markets in July and August. The Company is expected to supply more solar modules to India later this year.