News Article
Wafer Growth
Comtec Solar announces growth in the monocrystalline wafer industry
Comtec Solar Systems Group Limited announced its financial results for the twelve months ended 31 December 2010. For the year ended 31 December 2010, Comtec delivered record revenue as strong demand on their quality wafers coupled with improved pricing environment in the industry. During the year, their sales volume was approximately 165.5MW (total shipment, including both sales and processing services, of approximately 175.3MW), increased from 81.6 MW in 2009 by 102.9%, which was the highest shipments in the Group's history. Comtec's industry-leading brand recognition enabled the Group to capitalize on favorable industry demand and to deliver robust performance.
Comtec also benefited from their continuous cost reduction efforts and efficient execution to improve the profitability in 2010. Our gross profit in 2010 was RMB330.6 million, up 500.0% year-on-year from RMB55.1 million for the corresponding period in 2009. Their gross margin in 2010 also improved to over 32.4% from 10.9% in the corresponding period in 2009. The Group's net profit in 2010 was RMB222.9 million, up approximately 795.2% year-on-year from RMB24.9 million for the corresponding period in 2009. Their net profit margin in 2010 expanded to over 21.8% from 4.9% in the corresponding period in 2009.
