Chinese solar developer ReneSola made a loss of $5.1m in 2015 compared with a loss of $33.6m the previous year.
Revenues were down almost 18% on the previous year at $1.28bn, compared with $1.56bn in 2014. However, operating income was up to $29.3m from $8.2m previously.
ReneSola chief executive officer Xianshou Li said 2015 saw the company make progress on transforming from a solar product manufacturer to a “multi-faceted participant across the green energy value chain”.
He said: “We increased gross margin for the third straight year, and reduced operating expenses on an absolute basis for the second straight year.
“This resulted in operating profit tripling from 2014, and a significantly reduced net loss.
“Revenue declined somewhat, but this was mainly due to reduced shipments to external customers, as we strategically directed more shipments to our own downstream projects.”
Image: sxc
ReneSola loses $5.1m in 2015
Losses down on previous year as Chinese company continues to refocus
By EBS