Suntech Power Holdings Co., Ltd. (NYSE: STP) announced financial results

San Francisco, USA and Wuxi, China

Total net revenues were $625.1 million in the second quarter of 2010, representing 6.3% growth sequentially and 94.8% year-over-year. Total PV shipments increased 11.9% sequentially and 181.7% year-over- year. Gross profit margin for the core wafer to module business was 20.4% in the second quarter of 2010. Consolidated gross profit margin was 18.2% in the second quarter of 2010. GAAP net loss attributable to holders of ordinary shares was $174.9 million, or $0.97 per American Depositary Share (ADS). Each ADS represents one ordinary share. The non-cash impairment charges and provisions related to thin film and Shunda had a negative impact of $1.00 per diluted ADS. Suntech Achieved 1.4GW of PV cell and module production capacity at the end of the second quarter of 2010. The company announced new capacity expansion to reach 1.8GW of PV cell and module production capacity by the end of 2010.

Source: IWR Online, 19 Aug 2010