Solar cell maker Gintech Energy has improved its operations through reducing reliance on long-term contracts for polycrystalline silicon material supply and lowering its debt ratio from as high as 170% to 75% currently, according company chairman Wenent Pan. As a result of the improved operations, Gintech saw net profit of NT$1.098 billion (US$33.4 million) for the fourth quarter of 2009, Pan indicated.
Gintech has been running at full capacity for a while and is expanding its capacity in anticipation of a 30-50% growth in global demand for solar cells in 2010, Pan said. Gintech's annual capacity will increase from 640MWp at the end of 2009 to 720MWp in June, 810MWp in September 2010, and to over 1GWp in 2011, Pan added.
Gintech currently has 50 clients, 10 more than the number in 2009, Pan indicated, adding the top-10 clients currently account for 60% of Gintech's total sales.
Gintech on February 1 released unaudited financial results for the fourth quarter of 2009.
| Gintech: Unaudited financial results, 4Q09 and 2009 | ||
| Item | 4Q09 | 2009 |
| Revenues (NT$b) | 5.736 | 15.711 |
| Gross margin | 22.28% | 3.49% |
| Net profit (NT$m) | 1,098 | 72 |
| Net earnings per share (NT$) | 4.3 | 0.28 |
Source: Company, compiled by Digitimes, February 2010
Article translated by Adam Hwang
