Chinese module manufacturer ReneSola reported net income of $5.7m in the first quarter of 2016, compared with a loss of $18m in the same period last year.
Revenue was $260.7m, which was in line with expectations, despite been down 25.3% on 2015, the company said.
ReneSola said the revenue decline was the result of lower average selling prices for modules and lower module shipments as it continues to scale back the manufacturing business and shift towards downstream project development.
Module shipments were 350.7MW in the first quarter, while total wafer shipments were 351MW, the company said.
Looking forward, ReneSola expects revenues for 2016 to be in the range of $1bn to $1.2bn.
ReneSola chief executive officer Xianshou Li said: “The quarter played out largely as we had anticipated and was marked by solid growth in the downstream project pipeline, margin improvement, and in-line revenue performance.
“Despite somewhat negative sentiment in the solar industry during the quarter, we are executing on our strategy to remain a global leader across the solar value chain.”
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