Wednesday, before the bell, Solarfun Power Holdings Co. Ltd. (SOLF), a manufacturer of photovoltaic cells and modules in China, reported a second-quarter profit that rose more than three-fold from the previous-year quarter helped by increased shipments and improved prices.
Second quarter net income jumped 258.2% to RMB 78.1 million from RMB 20.27 million in the prior-year quarter. Earnings per American Depository Shares, or ADS, were RMB 1.54, compared to RMB 0.42 in the same quarter last year. Net income per share increased to RMB 0.31 from RMB 0.08 in the comparable quarter last year.
Operating profit soared 306.6% to RMB 116.42 million from RMB 28.63 million in the year earlier quarter. Total net revenue climbed 192.2% to RMB 1.35 billion from RMB 462.78 million in the year-ago quarter.
On average, 7 analysts polled by First Call/Thomson Financial expected the company to earn RMB 1.49 per share on revenues estimate of RMB 1.25 billion.
In US currency terms, recent quarter net income was $11.38 million or $0.23 per ADS. Net income per share was $0.05. Quarterly net revenues were $197.13 million.
PV module shipments reached 43.1 megawatts during the quarter, an increase of 162% from the same period a year ago.
The company said that average selling price improved to US$4.17. Business in Europe remained robust, with Germany, Spain and France accounting for 56%, 33% and 5% of net revenues, respectively.
For the remainder of 2008, based on contracted sales volume, the company raised its guidance on shipments from 160-180 megawatts to 175-190 megawatts. For the full-year 2009, shipments are expected to rise 50% from the revised full-year 2008 guidance range.
SOLF closed Tuesday's regular trading session at $18.94.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.