Renesola widens losses in 2013 due to closure of Chinese polysilicon facility

Chinese solar manufacturer ReneSola Ltd. has slightly increased its losses in 2013 due to an impairment charge of US$202.8 million recognized in 2013 related to the closure of some of its polysilicon operations in China. The company's net loss widened from $242.5 million in 2012 to $259.5 million last year. Operating loss also increased from $179.0 million in 2012 to $222.1 million in 2013. Renesola, however, was able to considerably increase its shipments and turnover last year. Total net sales for 2013 amount to $1.51 billion, up 56.8% from $969.1 million in 2012. Total wafer and module shipments reached 3.14 GW, up 42.4% from 2.20 GW in 2012. Module shipments grew 142.5% year-on-year to 1.72 GW. Europe still represented the company’s largest market in 2013, accounting for 59.7% of its module sales. Total polysilicon production in 2013 reached 2,875 MT. The company’s produced 1,768 MT of last year’s polysilicon production during the fourth quarter alone. The Sichuan polyisilicon manufacturing facility, however, was closed during the first quarter of this year due to » equipment maintenance and optimization purposes,« the company said.
As for the fourth quarter of 2013, the company was able to swing from a loss to a profit due to an increase in revenues and shipments. For the period the company posted a net result of $0.8 million, while in the same quarter of the prior year Renesola registered a net loss of $88.9 million. Operating result for the period is $8.2 million, a substantial improvement over the $23.8 operating loss recorded in the last quarter of 2012. Net sales increased 43.2% from $306.5 million in 2012 to 438.8 million last year. Total solar wafer and module shipments reached 784.1 MW in the fourth quarter, up 10.0% year-on-year.
For the first quarter of 2014, Renesola expects to ship between 500 and 520 MW, while for the full year 2014 the shipments volume is expected to be approximately 2.3 GW to 2.5 GW.

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