NSP Reports 2015 H1 financial results

Neo Solar Power Corporation (“NSP”, or “the Company”, publicly listed on Taiwan Stock Exchange, Ticker: 3576 TT), a world-class leading manufacturer of high quality solar cells and modules in Hsinchu, Taiwan, today announced its 2015 H1 financial report. According to NSP’s 2015 Q2 financial report, the company delivered NT$4,987 million in Net Revenues with a QoQ rate of 7.7%. Realized Gross Loss was NT$166 million with Gross Margin of -3.32% resulted from the declined ASP and imperfect product mix. In addition, because of recognizing allowance, Operating Expenses was higher than last quarter, amounting to NT$569 million. Operating Loss was NT$751 million with Operating Margin of -15.06%. Net Loss was NT$784 million while the underlying EPS closed at NT$ -0.90.

The company is with abundant cash. Cash on hand as of 2015 Q2 was NT$8,990 million representing an increase rate of 11.3% compared to last quarter. In addition, Debt to Asset ratio was relatively low at 43.5%. As a whole, the Company’s financial structure is quite solid.

Consolidated revenue for 2015 H1 was totaled of NT$9,618 million; Net Loss for 2015 H1 was NT$1,276 Million, and EPS closed at NT$ -1.45.

With the growing demand from China, the United States as well as the emerging markets, solar industry has been recovering since this April and May. It can be expected increasing revenues and profits of NSP due to the slightly-rising ASP, more shipments of high-efficiency products and the sale of solar farms in the second half of this year. Looking into the future, NSP Group will continue to operate based on the strategies toward solar system business expansion to provide a steady profit source and increase sales pipelines for NSP’s solar cells and modules. In addition to the existing solar farm projects, GES, as the member of NSP Group, is expanding its solar system business into new territories such as South America, the Middle East and Holland. This will be able to maintain NSP’s growth momentum.