Jetion Holdings Limited: interim results for the six months ended 30 June 2008
Jetion Holdings Limited, the manufacturer of high quality solar cells and modules, announces today its interim results for the six months ended 30 June 2008.
• 161% increase in turnover to US$100.6m H1 2007: US$38.6m)
• 192% increase in gross profit to US$18.4m (H1 2007: US$6.3m*)
• 252% increase in net profit to US$9.7m (H1 2007: US$2.8m*)
• 1.9% improvement in gross margin to 18.3% (H1 2007: 16.4%*)
• Basic earnings per share increased to US cents 13.26 (H1 2007: US cents 5.51*)
Note*: 2007 figures restated. Details are given in the interim financial report below.
• Significant progress across all production metrics
• 91.8% increase in solar cells output to 26.3 megawatts (“MW”) (H1 2007: 13.7MW)
• Solar cell manufacturing capacity doubled to 100MW per annum, 3 months ahead of schedule (H1 2007: 50MW per annum)
• Substantial increase in solar module output to 19.4MW (H1 2007: 0.6MW)
• Solar module manufacturing capacity increased to 50MW per annum(H1 2007: 40MW per annum)
• Average efficiency rate of solar cell production lines exceeding 16.8% during the period (H1 2007: 16.0%)
• Cell cost per watt (excluding wafer cost) decreased to US$0.21/Wp (2007: US$0.25/Wp)
The Company has exceeded almost all growth targets and continues to progress well, with significant orders and contracts secured for the second half of 2008. The Board is confident of the Company’s growth prospects and looks forward to reporting further progress at year end 2008.
Jetion’s products are well positioned in the global context as a result of its continuous focus on low cost production and top quartile efficiency. Jetion is now planning its next phase of growth as the Company is now operating at the 100MW capacity – a target outlined at the time of its IPO of AIM in July 2007.
Miss Christian Goodbody
A WPP Company
Tel : + 44 (0) 20 7466 5145
Fax : + 44 (0) 20 7466 5001
Web Site: www.buchanan.uk.com