The company reported net income of $15.8 million for the second quarter of 2008, compared to net loss of $40.25 million for the same period of 2007.
The company incurred a negative gross profit margin of $0.7 million for the second quarter ended March 31, 2008. The negative gross margin was primarily a result of adverse winter weather conditions in China in February that halted the company’s logistics and production, and to the recent increase in silicon material cost.
Leo Young, CEO of Solar EnerTech, said: Our revenue and gross margin in the second quarter did not meet our expectations mainly due to a temporary shortage of raw materials, severe winter storm conditions and delayed module production stemming from the move to a new manufacturing facility. These preceding issues, though temporary, primarily impacted our business in the first two months of the second quarter.
