Citing
strong module demand in Europe and Japan as it seeks to carve out a larger share
of the high-end market, REC Solar on Friday posted an after-tax profit of US$11
million, up nearly 2% from the fourth quarter of 2013, while revenue fell almost
4% to $175.4 million.
"We
are experiencing good demand in our main markets in Europe and Japan," said REC
CEO Oyvind Hasaas. "Together with our partners, we are continuously working to
improve our product offering and improve our market presence. Our expansion of
300 MW module capacity through two new module lines will facilitate introduction
of new technologies and broaden our product offering to our client base. This is
an important step for us to strengthen our position in the ‘high end’ market
segment."
Of
the group’s revenue, module sales accounted for nearly $170 million, with the
rest generated from its system business.
The
module division’s first-quarter earnings before interest, tax, depreciation and
amortization (EBITDA) was $5.2 million lower than in the fourth quarter of last
year, due primarily to an increase in costs as well as to lower sales volumes.
The cost increase resulted in part from a fire at the company’s cell building in
Singapore last month, which resulted in a temporary closedown of two (out of
eight) cell lines for six weeks. New equipment and a furnace upgrade also
contributed to the higher costs.
Module
production dropped 5.3% from the fourth quarter of 2013 to 216 MW. The company
has approved an increase in module capacity to 1.3 GW by the second half of
2015.
Looking
forward, REC cited reports that PV
demand this year would reach between 46 and 49 GW, up from about 39 GW in 2013.
China and Japan are expected to represent 49% of the solar panel market, Europe
21% and the Americas 19% while the rest of the world will make up an estimated
11% of the solar
market in 2014. The company added that demand growth in Europe would likely
be primarily related to the roof top segment while demand in Japan was expected
to increase substantially in the next few years with most of the growth coming
from the commercial market segment.
While
the EU Commission recently reduced the minimum import price for crystalline solar modules offered by Chinese module
suppliers from €0.56 cents to €0.53 cents per watt, REC said it assumes the
revised price is more aligned with current solar industry price levels for large
EU projects. “REC is expected to continue to receive a price premium for solar
panels vs. the industry," it added.
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