NSP Announced 2016 March Revenue of NT$2,078 million with MoM growth of 19.75%

Neo Solar Power Corporation (“NSP”, or “the Company”, publicly listed on Taiwan Stock Exchange, Ticker: 3576 TT), a world-class leading producer of high quality solar cells and Modules in Hsinchu, Taiwan, announced March 2016 revenue of NT$2,078 million, representing a MoM increase of 19.75% and a YoY growth of 25.46%.

The increase of NSP’s March revenue mainly resulted from increased shipment volume and one-time revenue contribution from selling solar farms owned by subsidiary, General Energy Solutions Inc. (6466)(“GES”). Year-to-Date cumulative revenues reached NT$ 5,906 million as of March 2016, a +27.55% growth in YoY terms as compared with 4,630 million last year.

As the deadline of 2015 feed-in tariff rates approaches to the end of June 2016, the rush orders from China has becoming slow. Customers are more conservative about releasing orders and expectation of further price drops has becoming more often, which make the second quarter conservative. However, various market research institutions maintain their initial forecast of 60~65GW for global solar installations this year, still representing a two-digit growth in YoY terms. More or less, the market in the short-term may suffer from industry cycle and supply chain adjustment, but the whole year demand shall keep the growth momentum.