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China Sunergy's loss for Q1 narrows to US$9.6 million

May. 23, 2012 (China Knowledge) - China Sunergy Co Ltd<CSUN>, a specialized solar cell and module manufacturer and solar developer based in Nanjing, Jiangsu Province, has posted US$9.6 million-net loss for the first quarter of this year, compared with a net loss of US$49.6 million it suffered from a quarter earlier.

Loss per American Depositary Share for the first quarter was US$0.71 on both a basic and a diluted basis, compared with US$3.71 in loss per ADS in the fourth quarter of last year.

In three months ended Mar. 31, 2012, the company reaped US$68.5 million in total revenue, down 38.2% from a quarter earlier.

Shipments totaled 79.9 megawatts, including 75.2 MW of module shipments, in the reporting period, representing a sequential decline of 31.6%.

As of Mar. 31, 2012, the company had US$233.2 million in cash.

China Sunergy also expects its shipments for the second quarter of 2012 to be in the range of 145 MW to 155 MW.

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