China Sunergy swings to profit as sales double

LONDON (MarketWatch) — Solar cell manufacturer China Sunergy Co. said Friday that it swung to a second quarter net profit of $3.1 million, or 8 cents a share, from a loss of $3.8 million, or 14 cents a share, a year earlier. Revenue for the period almost doubled to $111.6 million from $56.2 million. The group said its performance was helped by efficiency improvements that helped strengthen margins. Gross margin was 10.4%, compared to 4.9% a year earlier. The company added it still faces potential challenges in the second half from both wafer cost and quality, leading it to forecast a third-quarter margin between 9% and 11%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Original post by Forextvblog

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