Solarfun Releases Results for Second Quarter (SOLF)

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07:59:35 am on August 27, 2008

 

MSN Money reports that Solarfun Power Holdings, a company that manufactures silicon ingots and photovoltaic cells, has just released its financial results for the second quarter. 

Some highlights of the report were as follows:

Since the first quarter of 2008, net revenue has increased 12.7% to 197.1 million US dollars. The average selling price of Solarfun stock has also increased, from $4.07 to 4.17/share.  Over the past year, the company’s operating profit has increased by 306.6% to to $17 million.

Most of the company’s business is currently in Europe. During the second quarter, the company signed an 8 year, 1.2 GW contract to supply GCL Silicon Technology with virgin polysilicon. The company also bought out the remaining 48% of Jiangsu Yangguang Solar.

CEO Harold Hoskens had this to say about the results:

"We are on track for a solid year of growth in 2008 and have positioned ourselves for meaningful progress in 2009. Although near-term supply constraints and higher costs persist, we see visibility for better conditions beginning in the fourth quarter of this year and further improvements throughout 2009. Demand is good. Our brand is growing worldwide. Customers recognize our low-cost and high quality manufacturing platform and are contracting their production needs with us. We are secure in our supply needs for next year and our vertical integration strategy will begin to show meaningful benefits starting in the final quarter of this year.”

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