Mainboard-listed Sunpower Group, the China-based heat transfer technology specialist engaged in the design, R&D and manufacture of customised energy-efficient, energy-saving and environmental protection products, recorded a year-on-year (yoy) increase of 38.4% in net profit attributable to shareholders of RMB20.4 million ($3.95 million) for the three months ended 30 September 2010 (3QFY2010).
The double-digit growth is attributable to the surge in delivery of completed orders for the Heat Exchangers and Pressure Vessels segment and Heat Pipes and Heat Pipe Exchangers segment.
Revenue jumped 62.3% yoy to RMB265.9 million in 3QFY2010 from RMB163.8 million in 3QFY2009. The significant increase is attributable to:
- 93.1% surge in Heat Exchanger and Pressure Vessels segment, contributing RMB183.2 million in sales.
- 64.4% boost in Heat Pipes and Heat Pipe Exchangers segment, bringing in RMB50.4 million in revenue.
The group reported a 2.4 percentage points increase in gross profit margin to 23.2% in 3QFY2010 from 20.8% in the corresponding period last year. In line with the better gross profit margin, gross profit climbed 80.9% from RMB34.1 million in 3QFY2009 to RMB61.7 million in 3QFY2010.
The group’s balance sheet remained healthy, maintaining cash and bank balances of RMB187.7 million as at 30 September 2010. Inventories increased 19.2% to RMB250.4 million as at 30 September 2010 due to more raw materials purchased and work-in-progress products manufactured to meet the higher demand for Sunpower’s products.
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