Jetion cells

Jetion Holdings, a manufacturer of high-performance solar modules, has announced a 168 per cent increase in gross profits following a doubling of its cell manufacturing capacity.

In the year ending December 31 2008, the AIM-listed company recorded sales revenues of $250.9m (£157.52m), representing a 141 per cent increase over 2007.

Pre-tax profits were up 328 per cent to $20.1m and earnings before interest, taxes, depreciation, and amortization (EBITDA) were up 315 per cent to $34.5m.

Jetion also doubled its solar cell capacity from 50 to 100MW and module capacity was up 60MW compared with 40MW a year earlier.

This increase in production has allowed the group to expand its solar module product offering and capture a greater amount of the value chain.

Despite these strong results, the company experienced falling prices and slowing demand from Europe in the fourth quarter of the year.

However, overall the group said that it had reached its short-term goals, with results at the end of the year offset by a strong performance in the preceding three quarters.

Chairman Gabriel Kow said: ‘The solar industry remains one of the world’s fastest growing industries.

‘We continue to achieve substantial sales growth and increasing recognition from customers in Europe, where solar applications are becoming more sophisticated.

‘We aim to expand our customer base in Europe and are well-positioned to enter new overseas markets, such as the US.

‘It is highly encouraging to see many governments implementing plans to encourage solar applications.’

Chief executive Lijin Gai added: ‘Looking ahead, the global economy is widely expected to shrink further due to the current crisis and there remain many uncertainties ahead of us.

‘However, we are confident that the solar industry will take a lead in recovering from the economic downturn.’