Shares of China Sunergy (CSUN) tumbled more than 20% Friday after the solar cell manufacturer, which went public in May, said it swung to net loss of $3.54 million in the latest quarter. In the same period a year earlier, the company posted a profit of $1.84 million. China Sunergy blamed tight polysilicon supply, which it expects to continue throughout 2008, for the loss. Despite higher revenues, the cost of goods sold more than doubled to $53.5 million, compared with $24.6 million in the year-ago quarter. Separately, China Sunergy said CFO James Shaofeng Qi has resigned from the company for "personal reasons."
But Trina Solar (TSL), a Chinese solar panel maker, did well this quarter. The company took in $7.2 million in net income compared with $1.13 million in the prior year, thanks in part to strong sales in Europe. When it comes to polysilicon supply, Trina says they've entered into contracts covering some 90 percent and 60 percent of their 2007 and 2008 feedstock requirements, respectively.
Earlier this month, Suntech Power (STP), another Chinese solar cell manufacturer, reported second-quarter net income of $41.3 million, up from $26.5 million a year ago. JA Solar (JASO) of Hebei, China, reported second-quarter net earnings of $9.99 million vs. $2.33 million in the comparable period in 2006.
Meanwhile, we're still waiting on Solar EnerTech (SOENE) to release its latest results. The Shanghai-based company, whose shares are Bulletin Board traded, said today that it's going to be late filing its financial report with the Securities and Exchange Commission.