China Sunergy Q1 Loss Narrows - Quick Facts

By RTT News, 
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(RTTNews.com) - China Sunergy Co., Ltd. ( CSUN ) said that its net loss attributable to ordinary shareholders for the first quarter ended March 31, 2014 narrowed to $14.7 million from $22.9 million in the first quarter of 2013. Net loss per ADS was $0.99, compared with a loss of $1.71 last year.

Total revenue was $62.7 million, an increase of 1.6% from $61.7 million in the first quarter of 2013.

Stephen Cai, CEO, said, "We remain committed in executing our key initiatives for 2014 and further lowering our cost structure. We are seeing solid progress in our efforts to upgrade our OEM customer base, integrate our supply chains, enhance our manufacturing processes, and obtain additional overseas financing. We anticipate these efforts will significantly lower costs and drive meaningful improvements to profitability in the second half of 2014."

The company estimates that the total shipment for the second quarter of 2014 will range from 150MW to 160MW, including 40MW to 50MW of cell and module shipments under OEM arrangements. Gross margin for the second quarter of 2014 is expected to remain stable from that of the first quarter of 2014.

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